$239,900
Investment Summary
- Monthly Cash Flow
- -$940
- Cap Rate
- 1.0%
- Cash-on-Cash Return
- -20.4%
- Debt Coverage Ratio
- 0.17
- Internal Rate of Return (5 years)
- -15.7%
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
Great opportunity to own one of the largest 2 bed/2 bath loft-style Condo in the coveted McKinley Park Lofts with 1 deeded parking space. The open & airy living room/dining room and kitchen are spacious with an open concept living, oversized windows for sunlight/daylight, sliding patio door that leads to ex-large balcony for entertaining or relaxing, hardwood floors, custom colors and woodwork thru-out. Beautiful kitchen is complete with lots of cabinets, granite countertops, double sink with custom faucet, In-Sink-Erator disposal, large island with breakfast bar, pantry and stainless-steel appliances. Full updated ceramic bathroom. 2 nice size bedrooms. Lovely master bedroom with 2 closets, one walk-in and full updated bathroom with double sink vanity, walk-in shower and linen closet. In unit laundry with oversized stackable washer and dryer. Lots of storage thru-out and additional storage unit in common storage room on 2nd floor. Huge custom shelving unit in foyer area. Enjoy a variety of amenities which include internet, fitness center, bike room, party room and much more. Secured and well-maintained elevator building with on-site management company, an engineer and maintenance person. Just steps to CTA bus and walking distance to Orange Line Train, Starbucks, 7-Eleven, Jewel and soon to come Jimmy Johns. Minutes from downtown, Interstates I-55 and 90/94. Close to shopping, restaurants and schools. Across the street from beautiful McKinley Parking with over 72 acres of fun including natures walking trails, swimming pool, soccer, football and baseball fields, new pickleball and tennis courts, dog park, ice/roller blading rink and more. Building just completed an elevator modernization project. Surround sound included in sale. McKinley Park Neighborhood is the geographic Center of Chicago and has shorter travel time to Loop than many other city neighborhoods. The building is adjacent to CTA's Western Ave. frequent network with scheduled service that runs every 10 mins or less from 6am to 9pm and is less than a 10-minute walk to Orange Line or a short bus stop near building's front door. Approximate travel time by CTA transit, inclusive of walking time to the nearest bus stop or 35th/Archer train station and bus terminal: Pilsen: 15 minutes, Guaranteed Rate Field/Lou Jones Metra Station/Illinois Institute of Technology (via #39 Pershing bus):15-20 minutes, Chinatown (via #62 Archer bus): 15-20 minutes, The Loop: 30 minutes or less, Midway Airport: 30 minutes or less, United Center 30 minutes, Union Station: 35-40 minutes, Andersonville (via #50 Damen bus): 60 minutes, O'Hare Airport (via #49 Western bus + Blue Line transfer): 80-95 minutes. Seller will consider all reasonable offers.
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Location
Property Details
Parking
- Description: Assigned Spaces, Space/s, Parking On-Site
- Details: Parking Lot, Secured
- Garage Spaces: 0
- Spaces Total: 1
Bedroom Information
- # of Bedrooms: 2
Bathroom Information
- # of Baths (Full): 2
- # of Baths (Total): 2.0
Interior Features
- # of Rooms: 5
- # of Stories: 3
- Basement Description: None
Exterior Features
- Foundation: Concrete Perimeter
HOA
- Has HOA: Yes
- HOA Fee: $817/monthly
Land Information
- Land Use: Residential
- Land Use Subtype: Condominium Unit
Lot Information
- Parcel ID: 20061001231335
- Lot Size: 0 sqft
Property Information
- Property Type: Condominium
- Year Built: 2006
Tax Information
- Annual Tax: $4,416
Utilities
- Heating: Natural Gas, Forced Air
- Cooling: Central Air
Location
- County: Cook
Listing Details
Investment Summary
- Monthly Cash Flow
- -$940
- Cap Rate
- 1.0%
- Cash-on-Cash Return
- -20.4%
- Debt Coverage Ratio
- 0.17
- Internal Rate of Return (5 years)
- -15.7%
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:
| $239,900 |
|---|---|
Amount FinancedThe amount of the purchase financed through a loan. Amount financed:
| -$191,920 |
Down paymentThe initial payment made towards the purchase. Down payment:
| $47,980 |
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:
| $7,197 |
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:
| $55,177 |
Square Feet (SQFT)The total square footage of the property. Square feet:
| 1,405 |
Cost Per Square FootCost per square foot of the property. Calculation:Purchase Price / Square Feet Cost per square foot:
| $171 |
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:
| $1.42 |
Financing Details
Loan AmountThe total sum of money borrowed from a lender to finance a property purchase. Calculation:Purchase Price - Down Payment
Loan amount:
| $191,920 |
|---|---|
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:
| $1,135 |
Property TaxesAnnual taxes levied by local governments on real estate properties. These taxes fund public services like schools, roads, and emergency services.
Property tax:
| $368 |
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:
| $140 |
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:
| $1,643 |
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:
| $2,000 | $24,000 | |
Vacancy LossExpected loss of rent due to vacancies.
Vacancy loss:
(6%)
| 6% | -$120 | -$1,440 |
Operating IncomeGross rental income minus vacancy loss. Calculation:Gross rent - Vacancy loss
Operating income:
| $1,880 | $22,560 |
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. | 18% | -$368 | -$4,416 |
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% | -$140 | -$1,680 |
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% | -$160 | -$1,920 |
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% | -$100 | -$1,200 |
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% | -$100 | -$1,200 |
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. | 41% | -$817 | -$9,804 |
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 | 84% | -$1,685 | -$20,220 |
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:
| $195 | $2,340 |
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. | -$1,135 | -$13,620 |
Cash FlowNet Operating Income (NOI) minus mortgage payments. Calculation:NOI - Mortgage Payments | -$940 | -$11,280 |