OFF MARKET 22 unit apartment in ILLINOIS! NET CASH FLOW 92k!
The cash flow just doesn’t get any better than this! Cash on Cash return is Great at 16.14%!!!!.This cash cow, off market 22-unit apartment building has a brand-new boiler unit for heat, new plumbing, updated electric, the roof is approximately 5 years old, it has a full basement for installing coin operated washers and dryers and tenants pay for their electric. The building is within a short walk to 4 bus routes and shopping. River Oaks mall is 10 minutes from the building. Its also close to the border of Indiana. The stairs and decks in the rear of the building are new. Add this apartment complex to your portfolio and begin to enjoy the fruits of your money and labor! Can be paid off less than 7 years!
Property Address:
102 Memorial Drive – Calumet City, Illinois 60409
Property Details:
Year Built: 1926
Taxes: $24,716.00 (We used 2016 taxes because the current taxes are lower, due to the fact that the building needs work.)
Building Square feet: 15,000
Stories: 4
Construction: All Brick
Units: 22- 1 bedroom - plus an office
Square feet: Each unit is approximately 650 square feet
Heating System: Brand New Boiler – Radiant heat – Boiler is less than 1 month old!
Hot Water Heaters: New
Flooring: Oak or laminate flooring – No carpet
Price:
Purchase Price: $408,900.00
Rehab Cost: $161,000.00
Total Price: $569,900.00
ARV Range: $655,000-$740,000
CCR: 16.14%!!!!!
Miscellaneous Information:
- We will manage the building for you, if you need that service. The management fee calculated on the CCR sheet is 7%.
- You have the option of rehabbing the property yourself or you can use our crew.
- This is an off-market bank owned property and time is truly of the essence
- There are no “accurate" sold comps on this building. However, if you look at the data provided, I think you'll agree that the purchase price and the ARV, are very reasonable, based on the past selling price. We feel this building would retail for at least $700k, once it's rehabbed.
- The income amount listed on the MLS sheet we provided you, was for 2002. Obviously rental prices have dramatically increased since then. These units will easily rent for $700 per month minimum. We will advertise them for $750. We're just being conservative with our $700 estimate.
- We have dramatically increased all of the utility costs that are listed from 2002. We added an additional $10,000 a year, to compensate for the increase in gas, water and trash services. Therefore, we feel these numbers are accurate.
- Please keep in mind that once the rehabs are complete, the amount of maintenance required will be minimal. However, we still used a liberal figure of $1200 per month.
- Coin op washers and dryers could bring in up to an additional $1200 per month – minus expenses of the equipment. We did not add coin op machines into your profit.
REPAIRS NEEDED
Total Rehab Cost: $161,000 – Our crew completing the work
17 Units: New stove and refrigerator.
Currently, 7 units are rented, but are in need of work. The other 15 units need various amounts of work, from painting, to new floors etc. The average cost to rehab each unit is $7,318. This $7,318 also includes the common areas of the building. Most of the kitchen and baths need some type of rehabbing or updating. Every unit will be painted. The rehab will be done in accordance with the “area” and what we feel these apartments need, to rent for top dollar. It will be done in 5 phases. The first 4 phases will consist of rehabbing 4 units at a time. The final phase will include the hallways and common areas. We’re projecting each phase will take 7-10 days to complete. However, the final phase will take over 3 weeks. Several of the apartments are in bad shape due to water damage, so the final phase will take a bit longer. Once each phase is near completion, our property manager will begin advertising for tenants. We will provide the buyer with a complete scope of work once the contract is signed.
TERM OF SALE
The highest Cash Offer will take the deal. Please do your own due diligence before contracting. Send in proof of funds along with your offer. Because this property is being offered at such a low price, the bank is requiring $25,000 in earnest money. Funds will be due within 48 hours of signing the contract and will be placed into an escrow account.
- The info listed is to the best of our knowledge.
- Buyer pays 100% of closing costs which include transfer taxes, title insurance, and title company fees.
- Buyer will receive taxes prorated at 100 percent
- Proof of funds required for viewing
- The first investor with a signed contract and $25,000 earnest money gets the deal
- This is an IRA Qualified investment
CONTACT DETAILS
Phone: 773-401-7321 (Call or Text)
Email: [email protected]
*Please contact me for the pictures