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Brian Moore
  • Investor/Syndicator
  • Downers Grove, IL
78
Votes |
80
Posts

Logan Square 5.6% Cap Rate (8.5% after rehab)

Brian Moore
  • Investor/Syndicator
  • Downers Grove, IL
Posted Apr 7 2018, 09:19

HIGHLIGHTS:

  •  Logan Square beauty, with full brick construction!
  • Great investment! Listed at a 5.6% cap rate (8.5% after rehab!) as multi-unit.
  • Great single family conversion candidate! Homes on the block have sold for up to $1M.
  • Recent work includes new windows, roof, skylights, tuckpointing, paint, and new concrete porch.
  • Upon rehab the rents are projected at $56,000 annually.
  • Large 25’x150’ lot with 2-car garage.
  • Operate as a 2-flat plus in-law (or get variance) for highest rent or rehab into a luxurious owner’s duplex up with first floor rental income.
  • Immediate Airbnb business potential with just light rehab and decorating needed.
  • Highest potential value is a single-family conversion. ($700,000+)
  • Submarket has strong demographics with high incomes, a growing population and high renter/buyer demand.
  • See Loopnet ad for Offering Memorandum attachment (with full details and pics)
  • Sold by IL Broker with ownership interest
  • Offering