Seller Financed Brick 6-Unit: 70%+ CROI
We have available for sale a brick 6-unit on a double lot that has been mostly rehabbed, and is easily made rent ready. This deal is available for cash purchase or via seller financing.
6651-6655 S. Oakley Ave., Chicago, IL
PINs: 2019125-035/036
Property Taxes: $4,006 (2017 was successfully reduced)
Units: 6 (4 One Bedrooms | 2 Two Bedrooms)
Proforma Monthly Rent: $5,500 (Section 8)
Profroma Net Operating Income: $47,000+
CASH PURCHASE OPTION
Cash Price: $300,000
Cap Rate: 15%+
SELLER FINANCED PURCHASE OPTION
Seller Finance Price: $325,000
Down Payment: $32,500
Finance Term: 24 months
Interest Rate: 6% interest only payments ($1,462.50 per month)
Details: Remaining balance of $292,500 due upon end of finance term, refinance, or sale, whichever comes first.
Cash on Cash Return: 75%+
Details: This brick multifamily building sits on a corner lot of a quiet street with an additional lot that is fenced in with the building. A newer built 3 car garage sits on the vacant lot. The building features porch systems that were built new within the last 5 years. All units have individual high efficiency furnaces. The building has security cameras installed and wired but no recording box has been connected yet. The property is currently vacant and secured by D.A.W.G.S. Tenants to pay all utilities except water. All units except for one were updated before a break in occurred resulting in some copper pipes being stolen and dry wall damage. Now the building just needs to some cosmetic rehab, repiping in select areas, and a good cleaning. The building would be perfect for the Veterans Section 8 program which would pay around $870 for the 1-bedroom units and $1,010 for the 2-bedroom units. A new furnace for the full basement will be provided prior to sale. Tax reduction services have already been paid for 2017, 2018, and 2019’s taxes with 2017’s taxes already successfully contested and reduced.
PHOTOS AND VIDEO WALKTHROUGHS: https://www.dropbox.com/sh/rmz1hhzlge55y5v/AADEu7RCmYukT5IXNdwM0cNPa?dl=0
SUCCESSFUL TAX REDUCTION LETTER: https://www.dropbox.com/s/idwh0xhfd5no8br/Successful%20Property%20Tax%20Reduction%20Letter.pdf?dl=0
Private showings will be conducted upon request. The deal goes to the first person to sign the purchase agreement and remit $5,000 earnest money. If you are a wholesaler and are interested in marketing this deal, you must obtain our permission first. If you have any questions or interest in moving forward, please do not hesitate to reach out as this one will not last long!
