54 Rental Units (HAP) on Chicago's west side

[Ben Toth]

54 Rental Units (HAP) on Chicago's west side for Sale - Guaranteed Rental Income & Lots of It

Purchase price and net per the seller at $3,575,000.

• The asset portfolio is named Austin Village Boulevard Commons.
• There are 41,750 total square feet. The zoning is R-4 (Chicago Austin Submarket)
• Located in the Austin Area on the west side of Chicago.
• The seller has in place an H.A.P. contract that will convey at close of escrow.
• This portfolio brings in $48,641 monthly & there are 4 units vacant.
• The Occupancy Rate as reported is between 90 & 95%.
• Assumable debt from Fannie Mae of $2,400,000 @ 4.38% amortized 25 years.
• The time left on the loan is 9 years
• The HAP contract is for 50 of the 54 units.
• Austin is on the west side of Chicago.
• The Austin area has a lot of open areas & parks with Columbus Park being the anchor.
• Investors, please note that when you are doing your Pre-due diligence & the formal due diligence, this is a class D portfolio.
• Property 1 has nineteen 2 bedroom/1 bathroom units with individual furnaces, windows that have been replaced in the past 5 years, updated porches in 2014, mix of copper/galvanized plumbing, and in unit circuit breakers.
• Property 2 has twenty-three 1/1 units & 11 2/1 units plus a management office.
• 2016 there are a new roof installed, new broiler, 2 hot water tanks, new porches in 2013, in-unit circuit breakers, 800 amps to the building, a mix of copper/galvanized plumbing, 10 parking spaces and the parking lot was repaved in 2015
• The net operating income is $314,377 providing investors a CAP Rate of 8.8% and the guaranteed income of the HAP contract.
• Buyer pays 3% agent commission.