Property Details

TITLE:
DEV OP READY 2 BUILD 2DAY! 2 0f 2
CONTROL:
Partner
VALUE:
$5,455,000
LOAN:
$3,630,000
EQUITY:
$1,825,000
TYPE:
Multi-Family
HAVE:
4.5 AC zoned Multifamily with all the mass earth work, detention completed. Access road completed, sidewalks and all utilities to the site. The improvements on the site are valued in todays dollars at about $4,000,000.
WEBSITE URL:
ADDRESS:
3271 US Highway 20, Elgin, Illinois
BENEFITS TO NEW OWNER:
Low vacancy rate in the area. City in favor of the development. All Multifamily entitlements are complete. 2 months to complete the final drawings. 2 weeks for building permit. Speed to market.
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%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$3
$13,750
9%
09/30/2024
No
BENEFITS SOUGHT:
Investor needed for equity. Will receive a 12-15% return and equity in the project, or an out right sale of the property. $4,500,000
CAN ADD:
GC Expertise, Crew, Equipment, Contacts, THE FINISHED PRODUCT! DEV OP READY 2 BUILD 2DAY! 1 0f 2, Fox Lake, IL
REMARKS:
$3,275,000 of improvements on the project. Project is 10% complete with mass earth work and detention completed. Service road complete. All utilities are to the site. Rents are $3,600/month.
COUNSELOR:
William Caton
Caton Commercial Real Estate Group
1296 Rickert Drive Suite 200
Naperville, , 60540
Phone: 815-370-1236