All Forum Posts by: Ben Toth

54 Rental Units (HAP) on Chicago's west side for Sale - Guaranteed Rental Income & Lots of It

Purchase price and net per the seller at $3,575,000.

• The asset portfolio is named Austin Village Boulevard Commons.
• There are 41,750 total square feet. The zoning is R-4 (Chicago Austin Submarket)
• Located in the Austin Area on the west side of Chicago.
• The seller has in place an H.A.P. contract that will convey at close of escrow.
• This portfolio brings in $48,641 monthly & there are 4 units vacant.
• The Occupancy Rate as reported is between 90 & 95%.
• Assumable debt from Fannie Mae of $2,400,000 @ 4.38% amortized 25 years.
• The time left on the loan is 9 years
• The HAP contract is for 50 of the 54 units.
• Austin is on the west side of Chicago.
• The Austin area has a lot of open areas & parks with Columbus Park being the anchor.
• Investors, please note that when you are doing your Pre-due diligence & the formal due diligence, this is a class D portfolio.
• Property 1 has nineteen 2 bedroom/1 bathroom units with individual furnaces, windows that have been replaced in the past 5 years, updated porches in 2014, mix of copper/galvanized plumbing, and in unit circuit breakers.
• Property 2 has twenty-three 1/1 units & 11 2/1 units plus a management office.
• 2016 there are a new roof installed, new broiler, 2 hot water tanks, new porches in 2013, in-unit circuit breakers, 800 amps to the building, a mix of copper/galvanized plumbing, 10 parking spaces and the parking lot was repaved in 2015
• The net operating income is $314,377 providing investors a CAP Rate of 8.8% and the guaranteed income of the HAP contract.
• Buyer pays 3% agent commission.

Current cap rate is 6.2%.

Student Housing Portfolio of 8 newly constructed 6 BR homes built in 2016 situated only 5+ blocks from the Baylor University Campus. Each home has 2 BRs/2.1 BAs on 1st floor, 4 BRs/4 BAs on 2nd floor, granite kitchen & bath counter tops, large BR closets, large laundry room, additional 2nd floor living area w/wet bar. Each home has large front porch & 2nd balcony area. Average Home size = 2,906+/- SF. Gated parking. Currently leased by BU Students till 5/2018. Typical monthly lease rate = $4,350/Home + Unit Utilities. Leases, deposits & appliances convey with sale of property at closing. Building sizes (slightly vary), property taxes and lot size provided by Appraisal District. All provided information assumed to be correct, but subject to verification by all parties.

24-36 Hour Resident notice required for showing.