$2,795,000
Investment Summary
- Monthly Cash Flow
- -$13,883
- Cap Rate
- 0.3%
- Cash-on-Cash Return
- -25.9%
- Debt Coverage Ratio
- 0.05
- Internal Rate of Return (5 years)
- -21.0%
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
Welcome to 2124 N Cleveland Avenue, an awe-inspiring Victorian masterpiece nestled in the coveted heart of Lincoln Park, situated on an oversized lot in Chicago's premier neighborhood. Just steps from Oz Park this exceptional 6-bedroom, 4.2-bathroom estate beautifully marries historic grandeur with sophisticated modern luxury. From the moment you step inside, you're in a world of timeless elegance, with original stained-glass windows, meticulously restored pocket doors, ornate crown molding, and soaring 12-foot ceilings, all contributing to the home's unparalleled charm. The grand foyer sets the tone, with double doors, a striking curved staircase, and an arched entryway leading to a light-filled, stately living room. The family room, anchored by a cozy log-burning fireplace and custom-built shelving, invites both comfort and conversation, while gleaming oak hardwood floors stretch throughout. The gourmet kitchen is a chef's dream-boasting top-of-the-line stainless steel appliances, abundant storage, and a spacious dine-in area with a bespoke banquette. Complete with a built-in sound system, this culinary haven seamlessly connects to the adjacent sitting rooms, making it the ultimate setting for entertaining. On the second level, the primary suite offers a serene retreat, while two additional bedrooms and a dedicated office or study complete the floor plan. The third level is equally impressive, with three more generously sized bedrooms, a Jack-and-Jill bath, another office, a family room, and additional conveniently located laundry room on the top-- this area could easily be turned into separate living quarters with ensuite bathroom and back staircase entrance. The expansive lower level is the epitome of functionality and comfort, featuring a media room, mudroom with direct back yard entrance located close to the garage, a large laundry/utility room, extra storage, bathroom, and a bonus room for whatever your heart desires. Step outside to the enchanting deck and patio area, where a charming pergola and ample seating create a perfect outdoor oasis for relaxation or hosting gatherings. The detached two-car garage with coach house potential offers additional space for convenience and versatility. Don't miss your chance to make this architectural gem your own! 2023 taxes were reduced in mid 2024 to $63,812.38. The 2024 taxes will be reduced further, by $11,678, resulting in $52,134.38 for the year
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Location
Property Details
Parking
- Description: Garage Door Opener(s)
- Details: Asphalt, Garage Door Opener, On Site, Detached, Garage
- Garage Spaces: 2
- Spaces Total: 2
Bedroom Information
- # of Bedrooms: 6
Bathroom Information
- # of Baths (Full): 4
- # of Baths (Total): 6.0
Interior Features
- # of Rooms: 16
- # of Stories: 2
- Attic: Yes
- Basement: Yes
- Basement Description: Finished, Daylight
- Fireplace: Yes
Exterior Features
- Exterior Walls Materials: Masonry
- Foundation: Concrete Perimeter, Other
- Roof Material: Other
Land Information
- Land Use: Residential
- Land Use Subtype: Single Family Residential
Lot Information
- Parcel ID: 1433122027
- Lot Size: 0 sqft
Property Information
- Property Type: Single Family Residence
- Style: Queen Anne
- Year Built: 1890
Tax Information
- Annual Tax: $63,812
Utilities
- Water & Sewer: Public
- Heating: Natural Gas, Forced Air, Zoned
- Cooling: Ceiling Fan(s), Central Air, Zoned
Location
- County: Cook
Listing Details
Investment Summary
- Monthly Cash Flow
- -$13,883
- Cap Rate
- 0.3%
- Cash-on-Cash Return
- -25.9%
- Debt Coverage Ratio
- 0.05
- Internal Rate of Return (5 years)
- -21.0%
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:
| $2,795,000 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$2,236,000 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $559,000 |
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:
| $83,850 |
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:
| $642,850 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 6,500 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $430 |
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:
| $1.35 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $2,236,000 |
|---|---|
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:
| 6.840% |
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:
| $14,637 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $5,318 |
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:
| $616 |
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:
| $20,571 |
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:
| $8,800 | $105,600 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$528 | -$6,336 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $8,272 | $99,264 |
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. | 60% | -$5,318 | -$63,812 |
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% | -$616 | -$7,392 |
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% | -$704 | -$8,448 |
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% | -$440 | -$5,280 |
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% | -$440 | -$5,280 |
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. | n/a | n/a | n/a |
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 | 85% | -$7,518 | -$90,212 |
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:
| $754 | $9,048 |
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. | -$14,637 | -$175,644 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | $13,883 | $166,596 |