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1017-1021 W COLUMBUS DR. EAST CHICAGO, IN

Type

Multifamily

In-Place NOI

$45,842

Target CAP Rate

7.6%

Today's Market Value

$674,000

Target Purchase Price 

$600,000

Units

10

Projected NOI

$60,000

Market CAP Rate

6.8%

Value w/Market Rents

$882,000

Cost Per Unit

$60,000

1/2

About the Property

A well maintained 10-unit apartment building in East Chicago, IN - fully rented out. Right across the road from East Chicago Central High School. All tenants are currently up to date on rent through the pandemic. Rents are currently below market. Take advantage of Indiana's low property taxes and landlord favorable eviction laws. 

About the Neighborhood

East Chicago sits over the Illinois-Indiana border. The City is investing huge amounts of money into improving the downtown area - which is propped up by the AmeriStar Casino. The Hard Rock Casino is under construction a few hundred feet away from the property. This casino will bring jobs and revenue to the area.

Investment Strategy

Purchase at target price with 25% down payment. Upon lease expirations, raise rents to market rate. Refinance and pull cash out based on higher value of the property. 

Documents

Citipoint conducts a thorough document review on every property. For access to more documents such as leases, inspection reports, warranties, etc please fill out our Document Request Form.

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