Property Details

TITLE:
DEV OP READY 2 BUILD 2DAY!
CONTROL:
Partner
VALUE:
$5,455,000
LOAN:
$0
EQUITY:
$5,455,000
TYPE:
Multi-Family
HAVE:
4.5 AC zoned Multifamily with the mass earth work, detention in. Access road in, sidewalks and utilities to the site. The improvements on the site are valued in todays dollars at about $3,275,000.
WEBSITE URL:
ADDRESS:
3271 US Highway 20, Elgin, Illinois
BENEFITS TO NEW OWNER:
Speed to market. Low vacancy in the area. Multifamily entitlements are done. Weeks not months for building permit.
OTHER FILES:
GROSS SCHEDULED INCOME:
$2,764,800 Projected
VACANCY LOSS:
$82,944
GROSS EFFECTIVE INCOME:
$2,681,856
EXPENSES:
$838,848
NOI:
$1,843,008
DEBT SERVICE:
$1,572,630
CASH FLOW:
$270,378
CAP RATE:
33.79%
BENEFITS SOUGHT:
Financial partner needed for equity or an out right sale of the property.
CAN ADD:
$3,000,000 total project to build out $23,000,000. Stabilized value$33-35,000,000. GC Expertise, Crew, Equipment, Contacts, THE FINISHED PRODUCT! DEV OP READY 2 BUILD 2DAY!
REMARKS:
$3,275,000 of improvements on the project. Project is approx. 10% done with mass earth work and detention completed. Service road complete. All utilities are to the site. Rents are projected to be $3,450/month.
COUNSELOR:
William Caton
Caton Commercial Real Estate Group
1296 Rickert Drive Suite 200
Naperville, Illinois, 60540
Phone: 815-370-1236