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Property

Midwest 2 Unit Multifamily Building

206 S Jefferson St. Lockport IL 60441

$280,000

Pricing/Terms Explained 

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$140,000 Per Unit

**Buyer's Premium Waived

3
Beds

2
Baths

1,750
Sq. Ft.

1924
Yr. Built

100%
Occupancy

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3
Spaces

1
Story

Forced
Air

Owned
Laundry

Street
View

Contract Copy
 

Buyer's Agreement
 

Property Summary

Type

2-Unit Multifamily

In Place NOI
$20,337

Target CAP Rate
7.2%

Today's Market Value
$310,000

Target Purchase Price
$280,000

 



Units
2

Projected NOI
$23,900







Cost Per Unit
$140,000

Investment Strategy
Purchase at target price with 25% down payment. Property prices and rental rates are increasing in the area. Refinance and pull cash out based on higher property valuation.

About The Property
A well maintained 2 unit located in the heart of downtown Lockport. The property is 1 story built on a crawlspace foundation. The building has been well maintained. It features a newer roof and newer mechanicals, including a forced air HVAC system. 

About The Neighborhood
Lockport is a city in Will County, Illinois, United States, located 30 miles southwest of Chicago. Per the 2020 census, the population was 26,094. The city was incorporated in 1853. It is situated along the Illinois and Michigan (I&M) Canal, and was the headquarters of the canal when the canal was operating. A section of the canal runs through Lockport, including the remains of the canal's Lock No. 1 from which the town received its name. The canal right-of-way is now the Illinois and Michigan National Heritage Corridor.

Due Diligence

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.

Rents, expirations, security deposits, balances and more.

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Utility expense, services, insurance, taxes, and more.

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Who pays what - Landlord Vs. Tenant

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Comparable multi family properties that have sold in the area.

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Comparable multi family units that have been rented in the area.

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Market report showing trends and insights.

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Locked.

Property
Financials

Purchase Price of Property


Property Current
This column shows the current financial state of the subject property. These inputs are factual and they are based on verified information.



Year 2 Pro Forma
This column is based on a stabilized condition of the subject property. These inputs assume proper property performance by using our investment suggestions (proper management, bringing rents up to market rate, vacancy absorption, etc).



Debt Service
This column allows the user to add custom financing scenarios.

Property
Performance

View the return metrics based on various inputs. 

"Annual Net Income", "Monthly Cash Flow", "Cash on Cash Return", "Equity Value", and "Equity Multiple" are based off of the "Year 2 Pro Forma" column inputs. 


 

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