$388,000
Investment Summary
- Monthly Cash Flow
- -$1,143
- Cap Rate
- 2.1%
- Cash-on-Cash Return
- -15.4%
- Debt Coverage Ratio
- 0.38
- Internal Rate of Return (5 years)
- -10.9%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Property Description
Heart of the West Loop, Residence #320 is a 1,100sf, 1BR/1BA loft w/ enclosed Home Office & Terrace featuring exposed brick, concrete & metal in former elevator shaft with 3 bright, over-sized windows. Just 1.5 blocks from the Morgan/Lake CTA stop and carved out of the former Nabisco Baking Company (1910), architectural features include 14' barreled, concrete ceilings, exposed Chicago brick, metal encasements and concrete columns. Private recessed 10'x5' terrace off living room with ample room for seating and small grill. Open kitchen concept with large peninsula perfect for the chef/entertainer, comfortable seating at the breakfast bar, 1.25" rounded-edge, black granite counter top, under-mount sink, disposal, stainless steel appliances, refrigerator with ice/water dispenser, 42" white cabinets with contemporary stainless steel cabinet & drawer pulls, under-cabinet lighting illuminating sea-foam blue glass subway tile backsplash, gas push-in range and wall-mounted fan. Very generous and flexible living/dining space, vent-less gas fireplace with ample room for shelving options, granite hearth and display shelf. The bedroom, with its elegant, curved wall, easily accommodates a King-size bed. Adjoining hallway boasts full-wall closets with ELFA shelving and in-unit full-size stackable Washer/Dryer. Renovated bathroom with access thru bedroom (also via entrance foyer) features dual, ivory-white sinks w/ all-wood vanity, 1.25" statuary marble counter, rectangular, framed, wall-hung mirror and 4 wall-hung sconces. Roman-style whirlpool, jetted tub / shower combo dressed in large-format tile, fan and shelf for bathing accouterments. Contemporary features abound in Residence #320 including "Tongue & Groove" solid white oak hardwood floors throughout (NO carpeting), updated light grey roller shades, contemporary, light color scheme and spacious gallery wall space for art and photography display. 1000 West Washington offers 24-hour doorstaff, on-site mgmt, engineering / maintenance staff, common sundeck w/ gas grills and furniture, hospitality room, Tide Locker Dry Cleaning Service and additional storage cage for Residence #320. Monthly HOA includes high-speed internet service. Steps to Nancy's Pizza and Lola's in the building. Very pet-friendly building and walking distance to 3 well-known parks and 2 isolated dog parks. High owner occupancy. 179 units / over 136 different floors plans ranging from 800sf to 10,000sf. Plentiful local amenities (FedEx, Walgreens, & International McDonald's HQ) just across the block west of the building. Terrific walkability to Randolph's prized Restaurant Row and Fulton Market, abundant night life, restaurants on Madison Ave & Washington St. Surrounded by trendy eateries (Prince St. Pizza, Bonci, Voodoo, Levain Bakery, Milk Bar) and Michelin-star restaurants (Smyth, Ever, Oriole, Elske) among many others. Whole Foods & Mariano's nearby on Halsted St. with Target a very short drive away. Green/Pink lines at Lake & Morgan, just 1.5 blocks away. Blue Line at Peoria & Van Buren. Rated one of the most sought-after urban places to live in the country, the West Loop continues to be THE most popular neighborhood to live in Chicago! Lower-level, secure, heated, extra-wide parking space available for purchase @ $25,000.
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Location
Property Details
Parking
- Description: Garage
- Details: Heated Garage, On Site, Deeded, Attached, Garage
- Garage Spaces: 1
- Spaces Total: 1
Bedroom Information
- # of Bedrooms: 1
Bathroom Information
- # of Baths (Full): 1
- # of Baths (Total): 1.0
Interior Features
- # of Rooms: 5
- # of Stories: 5
- Basement Description: None
- Fireplace: Yes
HOA
- Has HOA: Yes
- HOA Fee: $655/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 17084380061309
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Year Built: 1910
Tax Information
- Annual Tax: $10,320
Utilities
- Heating: Natural Gas, Forced Air
- Cooling: Central Air
Location
- County: Cook
Listing Details
Investment Summary
- Monthly Cash Flow
- -$1,143
- Cap Rate
- 2.1%
- Cash-on-Cash Return
- -15.4%
- Debt Coverage Ratio
- 0.38
- Internal Rate of Return (5 years)
- -10.9%
Cash Flow
Net Operating Income (NOI) minus mortgage payments.
Calculation:
NOI - Mortgage Payments
Cap Rate (Market Value)
Capitalization Rate is a rate of return that compares the yearly Net Operating Income (NOI) to the market value.
Calculation:
NOI / Market Value
Cash-on-Cash Return (CoC)
Annual Cash Flow / Cash Invested
Calculation:
Annual cash flow divided by initial cash invested.
Debt Coverage Ratio (DCR)
Net Operating Income (NOI) divided by total debt payments.
Calculation:
NOI / Total Debt Payments
Internal Rate of Return (IRR)
A metric for assessing profitability over time. IRR is the discount rate at which the net present value (NPV) of all future cash flows (positive and negative) from an investment equals zero — including both periodic cash flow (such as rent) and a projected sale at the end of the holding period. It represents the expected annualized return, accounting for income, expenses, and the recovery of capital through a future sale.
Purchase Details
Purchase PriceThe price paid for the property. Purchase price:
| $388,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$310,400 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $77,600 |
Closing CostsFees and expenses associated with purchasing a property, typically ranging from 2% to 5% of the home’s purchase price, paid at the end of a home purchase to cover services like lending, title transfer, and taxes. Closing costs:
| $11,640 |
Rehab CostsCosts incurred to repair or improve the property, including: roof, flooring, exterior siding, kitchen, exterior paint, bathrooms, etc. Rehab costs:
| $0 |
Initial Cash InvestedThe total initial cash invested in the property. Calculation:Down payment + Buying costs + Rehab costs Initial cash invested:
| $89,240 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,100 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $353 |
Monthly Rent Per Square FootMonthly rent divided by the number of square feet. This ratio helps investors compare rental income efficiency across properties, markets, and unit sizes Calculation:Monthly Rent / Square Feet Monthly rent per square foot:
| $2.91 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $310,400 |
|---|---|
Loan to Value Ratio (LTV)Loan amount divided by the market value of the property. Calculation:Loan Amount / Market Value
Loan to value ratio:
| 80.0% |
Loan TypeThe type of loan (e.g., fixed, adjustable).
Loan type:
| Amortizing |
TermThe loan repayment period in years.
Term:
| 30 years |
Interest RateThe percentage a lender charges on the borrowed amount of a loan, determining the cost of borrowing money.
Interest rate:
| 5.875% |
Principal & Interest (PI)The principal is the portion of the loan payment that reduces the loan balance. The interest is the lender's charge for borrowing money. Calculation:(P * r * (1 + r) ** n) / ((1 + r) ** n - 1) Where:
P = Loan amount (principal)
Principal & interest:
| $1,836 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $860 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified.
Insurance:
| $224 |
Private Mortgage Insurance (PMI)A fee that borrowers pay when they take out a conventional loan with a loan-to-value (LTV) ratio above 80%.
Private mortgage insurance (PMI):
| $0 |
Monthly PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. Monthly payment:
| $2,920 |
Operating Income
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Gross RentThe total rental income received from tenants before deducting any expenses. Includes base rent, late fees, pet fees, parking fees, and other recurring charges.
Gross rent:
| $3,200 | $38,400 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$192 | -$2,304 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $3,008 | $36,096 |
Operating Expenses
| % Rent | Monthly | Yearly | |
|---|---|---|---|
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services. | 27% | -$860 | -$10,320 |
InsuranceThe costs for insurance coverage to protect against financial losses due to risks like fire, natural disasters, theft, liability, or tenant-related damages. Calculation:Assumes 7% of gross rental income, unless insurance rates are specified. | 7% | -$224 | -$2,688 |
Property ManagementThe costs associated with hiring a property manager to handle the day-to-day operations of a rental property. Includes management fees, leasing fes, eviction fees, etc. Calculation:Assumes 8% of gross rental income. | 8% | -$256 | -$3,072 |
Repairs & MaintenanceOngoing costs for routine upkeep and minor fixes needed to keep a property in good working condition. Calculation:Assumes 5% of gross rental income. Varies by property age and condition. | 5% | -$160 | -$1,920 |
Capital ExpensesLarge, infrequent costs for major improvements or replacements, like a new roof, HVAC system, or appliances. Calculation:Assumes 5% of gross rental income. Varies by property age. | 5% | -$160 | -$1,920 |
HOA FeesRegular dues paid to a Homeowners Association for community maintenance, amenities, and management. Similar fees include: Condo Association Fees, Co-op Maintenance Fees, etc. | 20% | -$655 | -$7,860 |
Operating ExpensesRecurring costs required to maintain and manage a rental property, including property taxes, insurance, maintenance, repairs, utilities (if paid by the owner), property management fees, and other day-to-day expenses. Calculation:Insurance + Property Taxes + Property Management + Repairs & Maintenance + Capital Expenditures + HOA Fees | 72% | -$2,315 | -$27,780 |
Cash Flow
| Monthly | Yearly | |
|---|---|---|
Net Operating Income (NOI)The income generated from a property after deducting all operating expenses but before deducting mortgage payments, taxes, and capital expenditures. Calculation:Gross Operating Income - Operating Expenses
Net operating income:
| $693 | $8,316 |
Mortgage PaymentThe fixed amount a borrower pays each month to repay a loan. It typically includes principal and interest (P&I) and may also cover property taxes, insurance, HOA fees, and PMI if escrowed. | -$1,836 | -$22,032 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $1,143 | $13,716 |