$2,550,000
Investment Summary
- Monthly Cash Flow
- -$8,710
- Cap Rate
- 1.6%
- Cash-on-Cash Return
- -17.8%
- Debt Coverage Ratio
- 0.28
- Internal Rate of Return (5 years)
- -13.2%
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
Exquisite North Shore Penthouse: The Ultimate Luxury Retreat for the Discerning Executive and Empty Nester! Experience the pinnacle of sophisticated living in this stunning penthouse, one of the most exceptional residences on the North Shore. Designed for those who appreciate quality and detail, this remarkable home features custom high-end finishes that truly must be seen to be fully appreciated. Embrace the vibrant lifestyle just steps away from downtown Highland Park, where fine dining, Sunset Foods, and the Metra train station await. Enjoy the added convenience of three deeded heated garage parking spaces-perfect for busy executives and empty nesters alike. Spanning an impressive 4,317 sq. ft., this private and secure oasis showcases distinctive 24" porcelain tiles and contemporary finishes, creating an ideal backdrop for your favorite art pieces. Whether you love entertaining or prefer quiet evenings at home, the gourmet kitchen is a culinary dream, boasting: - Three sinks (1 Elkay, 2 Frankie), each with its own garbage disposal - A water filter faucet with instant hot water - A 70-bottle Thermador wine fridge - Sub Zero refrigerator with additional refrigeration and freezer drawers - Sub Zero ice maker with filtration - Two electric Gaggenau stove top burners with steaming, teppanyaki, and BBQ options - Gaggenau deep fryer - A gas cooktop - Fisher and Paykel dishwasher drawer and Miele drawer dishwasher - Wolf microwave, warming drawer, and oven - Built-in Miele espresso machine Large French doors invite abundant natural light from the expansive outdoor terrace, equipped with a gas line for grilling, electric outlets, water hookup, and speaker wiring. With four Julian patios, enjoy ample fresh air and light, making relaxation effortless. The living room is a showstopper-featuring a gas fireplace with a stunning backlit agate surround and a walnut bar, complete with its own Sub Zero refrigerator and ice maker. A cozy family room provides a warm, inviting retreat enriched by natural light. The stately primary suite is a sanctuary, offering a sitting area with a built-in desk, a dual-sided fireplace, terrace access, and a dream-worthy custom walk-in closet. The spa-like primary bathroom boasts top-of-the-line features including: - Heated and cooled mirrors - Smart home panel - Marble countertops with dual glass Kohler sinks - Programmable heated floors - A separate water closet with a urinal, toilet, and bidet - A marble shower with dual steam units, nine jets, multiple rain shower options, and built-in speakers Perfect for hosting family and friends, the guest suite features a separate bedroom and a cozy nook with two additional built-in beds. The elegantly finished marble guest bathroom includes a jacuzzi tub, radiant heated floors, and a water closet with floor vents. The laundry room doubles as a catering prep space, complete with ample countertops, cabinetry, and refrigeration/freezer drawers. This home is equipped with cutting-edge technology, including electric window shades (both sheer and blackout options), 10 built-in TVs (all included), Cove lighting and surround sound, a security system with cameras, soft water unit, dual gas on-demand hot water heaters, built-in vacuum system, and in-unit sprinklers. A generous storage space conveniently located on the same floor adds to the home's appeal. Don't miss this extraordinary opportunity to own a penthouse that perfectly suits both discerning executives and vibrant empty nesters alike. Contact me today for your private tour!
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Location
Property Details
Parking
- Description: Garage
- Details: Heated Garage, Tandem, On Site, Attached, Garage
- Garage Spaces: 3
- Spaces Total: 3
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Partial): 1
- # of Baths (Total): 3.0
Interior Features
- # of Rooms: 7
- # of Stories: 1
- Basement Description: None
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Brick
HOA
- Has HOA: Yes
- HOA Fee: $1,215/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 1623315033
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Year Built: 2012
Tax Information
- Annual Tax: $28,764
Utilities
- Water & Sewer: Public
- Heating: Natural Gas, Electric, Radiant Floor
- Cooling: Ceiling Fan(s), Central Air, Zoned
Location
- County: Lake
Listing Details
Investment Summary
- Monthly Cash Flow
- -$8,710
- Cap Rate
- 1.6%
- Cash-on-Cash Return
- -17.8%
- Debt Coverage Ratio
- 0.28
- Internal Rate of Return (5 years)
- -13.2%
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:
| $2,550,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,040,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $510,000 |
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:
| $76,500 |
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:
| $586,500 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 4,317 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $591 |
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:
| $2.34 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,040,000 |
|---|---|
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:
| $12,067 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $2,397 |
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:
| $707 |
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:
| $15,171 |
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:
| $10,100 | $121,200 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$606 | -$7,272 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $9,494 | $113,928 |
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. | 24% | -$2,397 | -$28,764 |
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% | -$707 | -$8,484 |
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% | -$808 | -$9,696 |
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% | -$505 | -$6,060 |
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% | -$505 | -$6,060 |
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. | 12% | -$1,215 | -$14,580 |
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 | 61% | -$6,137 | -$73,644 |
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:
| $3,357 | $40,284 |
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. | -$12,067 | -$144,804 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $8,710 | $104,520 |