Property Details

TITLE:
DEV OP READY 2 BUILD 2DAY! 1 of 2
CONTROL:
Partner
VALUE:
$11,429,000
LOAN:
$3,630,000
EQUITY:
$7,799,000
TYPE:
Multi-Family
HAVE:
Project is 30% complete with all the mass earth work, detention completed. Access road completed, foundation, flat work, elevator shafts built, and all utilities to the site. The improvements on the site are valued in todays dollars at about $10,000,000.
WEBSITE URL:
ADDRESS:
329 Thomas Lane, Fox Lake, 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. 10 days for building permit. Adjacent project of 250 units leased up in 18 months, inferior project.
Adjacent project of 250
Images: [1] [2] [3]
OTHER FILES:
GROSS SCHEDULED INCOME:
$3,249,900 Projected
VACANCY LOSS:
$162,120
GROSS EFFECTIVE INCOME:
$3,087,780
EXPENSES:
$945,589
NOI:
$2,142,191
DEBT SERVICE:
$1,905,830
CASH FLOW:
$236,361
CAP RATE:
18.74%
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 30-40% equity in the project, or an out right sale of the property.
CAN ADD:
GC Expertise, Crew, Equipment, Contacts! THE FINISHED PRODUCT! DEV OP READY 2 BUILD 2DAY! 2 0f 2, Elgin, IL
REMARKS:
$10,000,000 of improvements on the project. Project is 30% complete with mass earth work and detention completed. Service road complete. All utilities are to the site. Foundation and flat work is complete. Elevator towers and all offsite work complete.
COUNSELOR:
William Caton
Caton Commercial Real Estate Group
1296 Rickert Drive Suite 200
Naperville, , 60540
Phone: 815-370-1236