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PropertyRadar
Midwest 6 Unit Multifamily Building
12430 Fairview Ave Blue Island IL 60406
$450,000
Pricing/Terms Explained
$75,000 Per Unit
** Inclusive of Buyer's Premium
11
Beds
6
Baths
7,000
Sq. Ft.
1963
Yr. Built
100%
Occupancy
6
Spaces
3
Stories
Boiler
Heat
Paid
Laundry
Street
View
Property Summary
Type
Multifamily
In Place NOI
$32,100
Target CAP Rate
7.2%
Today's Market Value
$472,000
Target Purchase Price
$450,000
Units
6
Projected NOI
$50,100
Market CAP Rate
6.8%
Value w/Market Rents
$736,000
Cost Per Unit
$75,000
Investment Strategy
Purchase at target price with 25% down payment. Upon purchase raise rents to appropriate levels. 2 Bed market rents are well over $1,000 in the area. Current seller has been slow and inefficient on rental increases. Refinance and pull cash out based on higher value of the property.
About The Property
An exceptional brown brick building located across the street from new construction, parks, and golf courses. The building features spacious two-bedroom apartments. The building is 3 stories with laundry on each floor. All tenants are separately metered for gas and electric. Owner is responsible for common areas.
About The Neighborhood
Blue Island is a C+ Neighborhood that borders Chicago. Demand for multi family real estate is high is in this area due to a relatively affordable price per unit acquisition opportunity. The rental market is strong with high demand and low inventory.
Blue Island borders two major highways (294 and 55) making it an ideal location for commerce and business. This provides for stable employment opportunities for residents and new tenants.
Due Diligence
Documents
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Comparable multi family properties that have sold in the area.
Locked.
Property
Financials
Purchase Price of Property
Property Current
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Year 2 Pro Forma
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Debt Service
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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.
Key
Metrics
Year by Year Property Data
Property Value
Remaining Loan Balance
LTV Ratio
Debt Service Coverage Ratio
Cumulative Net Cash Flow
Total Equity (Includes Net Cash Flows)
ROI
Annualized ROI
Equity Multiple
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