$1,599,000
Investment Summary
- Monthly Cash Flow
- -$10,465
- Cap Rate
- -2.2%
- Cash-on-Cash Return
- -34.1%
- Debt Coverage Ratio
- -0.38
- Internal Rate of Return (5 years)
- -28.8%
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
Simply striking & palatial condo ripped right from the pages of Architectural Digest located in-town just blocks from Lake Michigan in one of Highland Park's most prestigious concierge buildings. Designed by renowned architects Powel/Kleinschmidt this unique and timeless unit is like living inside of a masterpiece. A grand foyer leads into the sunny & sleek living room featuring floating frosted glass shelving, strategic track lighting designed to highlight beautiful works of art and a sliding glass door to one of two stone balconies. The Chef's De Giulio designed eat-in kitchen is a work of art featuring a 48" Viking SS range & double oven w/ professional grade hood & convenient pot filler, enormous granite work island with overhang for stool seating, two side-by-side Sub Zero fridge/freezers (one SS, one cabinet integrated), Miele dishwasher, pull out shelving, under cabinet & cove lighting, and display shelves. The 12' long granite butler's pantry between the kitchen & formal dining room operates as a wet bar with its own Fisher Paykel dishwasher, Sub Zero mini fridge, wine fridge and ice maker for easy entertaining. The dining room features sophisticated floating buffet cabinetry w/ natural stone tops for storage, serving, displaying. A dramatic & symmetrical gallery style hallway leads to the primary bedroom suite and is quintessential luxury. Designed to accommodate "Him & Her" in every way, the large bedroom has built-in burlwood cabinetry, an MTV Cribs worth dressing room for "Her" (just under 200 sqft) w/ built-in dressers, shoe shelving, translucent glass door hanging wardrobes, frosted display shelving, and a lovely make-up vanity with natural lighting. "Her" bath has a white marble glass enclosed shower, soaking tub & private lav room with bidet, plus "His" separate WIC and handsome marble full bath. The two secondary bedrooms each have their own beautiful natural stone private baths & exceptional closet space & built-in dressers. Casual entertainment takes place in the stylish family room with gorgeous wood paneled walls, built-in media center and slider to the 2nd stone balcony. Working is a breeze in the big & bright office with serene treetop views, and playtime is easy in the adorable playroom featuring playful & colorful built-ins. The laundry/mud room is home to the extra Sub-Zero fridge/freezer for storage/overflow, full sized Neptune front load W/D with tremendous counterspace for folding, prepping, etc. Multiple in-unit storage rooms means no need to downsize here, plus additional storage space in the garage near the unit's 3 indoor garage parking spots. Additional features include beautiful hardwood flooring, custom paneled walls T/O, zoned HVAC (3 units), on-site concierge from 7am-10pm 7 days a week including holidays, access to the building exercise room, conveniently close to shopping, recreation, transportation, Ravinia and so much more. Lovingly maintained and upgraded, you will not find an equal to this unique & stunning unit. Seller would prefer to sell furnished as much of the furniture was custom designed.
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Location
Property Details
Parking
- Description: Attached, Garage Door Opener(s), Transmitter(s), Garage, Garage On-Site
- Details: Concrete, Circular Driveway, Garage Door Opener, Heated Garage, On Site, Attached, Garage
- Garage Spaces: 3
- Spaces Total: 3
Bedroom Information
- # of Bedrooms: 3
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Total): 5.0
Interior Features
- # of Rooms: 9
- # of Stories: 5
- Basement Description: None
Exterior Features
- Exterior Walls Materials: Brick
HOA
- Has HOA: Yes
- HOA Fee: $2,784/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 1623304028
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Year Built: 2001
Tax Information
- Annual Tax: $44,422
Utilities
- Heating: Natural Gas, Forced Air, Zoned
- Cooling: Central Air
Location
- County: Lake
Listing Details
Investment Summary
- Monthly Cash Flow
- -$10,465
- Cap Rate
- -2.2%
- Cash-on-Cash Return
- -34.1%
- Debt Coverage Ratio
- -0.38
- Internal Rate of Return (5 years)
- -28.8%
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:
| $1,599,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$1,279,200 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $319,800 |
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:
| $47,970 |
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:
| $367,770 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 4,610 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $347 |
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:
| $1.13 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $1,279,200 |
|---|---|
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:
| $7,567 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $3,702 |
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:
| $364 |
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:
| $11,633 |
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:
| $5,200 | $62,400 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$312 | -$3,744 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $4,888 | $58,656 |
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. | 71% | -$3,702 | -$44,423 |
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% | -$364 | -$4,368 |
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% | -$416 | -$4,992 |
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% | -$260 | -$3,120 |
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% | -$260 | -$3,120 |
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. | 54% | -$2,784 | -$33,408 |
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 | 150% | -$7,786 | -$93,431 |
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:
| -$2,898 | -$34,776 |
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. | -$7,567 | -$90,804 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$10,465 | -$125,580 |