TITLE:
Turn Key Multifamily - 13 units, Value Add opportunity
CONTROL:
Buyers Broker
VALUE:
$3,270,000
LOAN:
$2,600,000
EQUITY:
$670,000
TYPE:
Multi-Family
HAVE:
Renovated Multifamily 13 Unit (apartments plus coach house) and garages on oversized lot in sought after North side Chicago Edgewater near lakefront, restaurants, public transport and more.
ADDRESS:
1615 W Highland, Chicago, Illinois
BENEFITS TO NEW OWNER:
Sought after location
Turn Key
No vacancy
All units renovated
New roof and hot water heaters
Value Add - 1) either convert garages or demolish and add 6-8 units AND 2) convert some units to furnished for increased rent
GROSS SCHEDULED INCOME:
$307,000 Actual
VACANCY LOSS:
$10,000
GROSS EFFECTIVE INCOME:
$297,000
EXPENSES:
$78,000
NOI:
$219,000
DEBT SERVICE:
$182,000
CASH FLOW:
$37,000
CAP RATE:
6.70%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$2,600,000
$14,500
7%
09/14/2027
No
BENEFITS SOUGHT:
Path to cash
New projects
CAN ADD:
Up to 9 properties in portfolio
REMARKS:
Recently stabilized. Excluding $28k capital expenditures in P&L expenses. Make offer, will consider exchange and both turn key or value add projects throughout the US.
COUNSELOR:
Theresa Mueller
Trelleum Real Estate
132 N Washington
Naperville, Illinois, 60540
Cell: 630-715-9999
Email info@theresamueller.com
