All Forum Posts by: Tony Hardy

I recently brokered a sale at 1566 Mark Avenue, an 8 unit apartment building in Elgin, IL. The sale price was $430,000 ($53,750 Per unit, 7.66 Cap Rate and a Gross Rent Multiplier of 13.04). The property sold for 93% of list price. Please get me the Operating Statements and Rent Rolls on both properties. I only have a summary of the two properties in the 30 days of marketing we generated 6 offers before selecting a cash buyer that closed in 14 days. In 2013, Elgin ranked number one in the Chicago metropolitan area in new home starts, while ranking second in new home closings.[17] Elgin's downtown has also been the center of city renovations and new developments. New townhouses, condo towers, loft spaces, and art galleries have opened in the last decade. In October 2003 the Gail Borden Public Library moved into a new $30 million, 139,980 square foot, 460,000 volume-capacity building. In August 2009 the city opened the first ever satellite branch. The 10,000 square foot Rakow Branch, situated on Elgin's West Side, is LEED registered, and was designed to be expandable up to 30,000 square feet. Elgin has opened the 185,000 sq. ft. Centre of Elgin recreation facility across the street from the library. In 2014, Elgin completed the Central Business District Streetscape Improvement Project and the Riverside Drive Promenade. (Wiki) I also closed a 10 unit building in the Beverly neighborhood of Chicago, IL at 10419 S Hale. My team represented seller in that transaction and the deal closed at $530,000 at 92% of the list price ($54,000 per unit,8.32 Cap Rate , 5.72 GRM). The building featured 4 one bedroom apartments and 6 two bedroom apartments. The building had some deferred maintenance including original windows and a porch violation. The investor purchased the asset with the intention of renovating the units and adding value by increasing rents. South Shore remains to be one of the most undervalued neighborhoods in the City of Chicago relative to employment, average house hold income, occupancy levels and rents. I have a handful other apartment buildings in the area that I will be bringing to market soon and a couple more that I'm working off market.

I passed your number along to Mike he'll be giving you a call

If you are a direct buyer I have some inventory to share. Give me a call when you have a moment to discuss

If it's vacant it probably needs more than some rehab.

I may be able to help. I'm interested in knowing more. Give me a call. Thanks

The United States District Court for the Western District of Kentucky issued an order declaring Kentucky's so-called "turf state" laws unconstitutional. The "turf state" laws, which are practiced in seven other states, prohibit cooperation between Kentucky real estate brokers and out-of-state real estate brokers.
According to the court's ruling, "These prohibitions constrain
interstate commerce in the purchase and sale of Kentucky real estate,
isolating Kentucky from the national brokerage market, a result made
unconstitutional by the Commerce Clause. The purchase and sale of real
estate is often a costly and complex transaction," the decision continued.
"A consumer who maintains a trusted relationship with a broker should not
be compelled to accept the services of a stranger in order to make that
transaction."
Rejecting Kentucky's defense of its turf laws on consumer protection
grounds, the court noted that "the complete exclusion of a buyer's broker
from the transaction may well render the foreign buyer/lessee more
vulnerable to fraud. While licensure protects the public from unscrupulous
and incompetent brokers," the decision continued, "the court cannot discern
how prohibiting cooperation between an out-of-state broker and a Kentucky
licensed broker reinforces this protection. It appears that the
prohibitions' main purpose is to ensure that virtually all commissions are
kept in Kentucky. This is achieved, however, at an unconstitutional cost to
interstate commerce."
The lawsuit, which alleged that the turf state laws harmed consumers by
preventing access to the national market for commercial real estate
brokerage and depressing real estate prices, was filed by a group of
consumers, real estate brokers with Marcus & Millichap Real Estate
Investment Services, a national commercial real estate services firm based
in Encino, Calif. leading the suit.
Harvey E. Green, president and chief executive officer of Marcus &
Millichap, called the ruling a victory for all consumers. "The court's
ruling has important implications for other 'turf states' and vindicates
the rights of commercial real estate investors, who should not be forced to
choose between seeking fair market value for their property or violating
state laws," says Green, who led the lawsuit on behalf of Marcus &
Millichap. "This action was about open markets and fairness, not just for
Kentucky property owners, but for taxpayers and those who purchase property
in all turf states, regardless of where they reside."

I recently brokered a sale at 1566 Mark Avenue, an 8 unit apartment building in Elgin, IL. The sale price was $430,000 ($53,750 Per unit, 7.66 Cap Rate and a Gross Rent Multiplier of 13.04). The property sold for 93% of list price. In approximately 30 days of marketing we generated 6 offers before selecting a cash buyer that closed in 14 days. In 2013, Elgin ranked number one in the Chicago metropolitan area in new home starts, while ranking second in new home closings.[17] Elgin's downtown has also been the center of city renovations and new developments. New townhouses, condo towers, loft spaces, and art galleries have opened in the last decade. In October 2003 the Gail Borden Public Library moved into a new $30 million, 139,980 square foot, 460,000 volume-capacity building. In August 2009 the city opened the first ever satellite branch. The 10,000 square foot Rakow Branch, situated on Elgin's West Side, is LEED registered, and was designed to be expandable up to 30,000 square feet. Elgin has opened the 185,000 sq. ft. Centre of Elgin recreation facility across the street from the library. In 2014, Elgin completed the Central Business District Streetscape Improvement Project and the Riverside Drive Promenade. (Wiki) I also closed a 10 unit building in the Beverly neighborhood of Chicago, IL at 10419 S Hale. My team represented seller in that transaction and the deal closed at $530,000 at 92% of the list price ($54,000 per unit,8.32 Cap Rate , 5.72 GRM). The building featured 4 one bedroom apartments and 6 two bedroom apartments. The building had some deferred maintenance including original windows and a porch violation. The investor purchased the asset with the intention of renovating the units and adding value by increasing rents. South Shore remains to be one of the most undervalued neighborhoods in the City of Chicago relative to employment, average house hold income, occupancy levels and rents. I have a handful other apartment buildings in the area that I will be bringing to market soon and a couple more that I'm working off market.

I recently brokered a sale at 1566 Mark Avenue, an 8 unit apartment building in Elgin, IL. The sale price was $430,000 ($53,750 Per unit, 7.66 Cap Rate and a Gross Rent Multiplier of 13.04). The property sold for 93% of list price. In approximately 30 days of marketing we generated 6 offers before selecting a cash buyer that closed in 14 days. In 2013, Elgin ranked number one in the Chicago metropolitan area in new home starts, while ranking second in new home closings.[17] Elgin's downtown has also been the center of city renovations and new developments. New townhouses, condo towers, loft spaces, and art galleries have opened in the last decade. In October 2003 the Gail Borden Public Library moved into a new $30 million, 139,980 square foot, 460,000 volume-capacity building. In August 2009 the city opened the first ever satellite branch. The 10,000 square foot Rakow Branch, situated on Elgin's West Side, is LEED registered, and was designed to be expandable up to 30,000 square feet. Elgin has opened the 185,000 sq. ft. Centre of Elgin recreation facility across the street from the library. In 2014, Elgin completed the Central Business District Streetscape Improvement Project and the Riverside Drive Promenade. (Wiki) I also closed a 10 unit building in the Beverly neighborhood of Chicago, IL at 10419 S Hale. My team represented seller in that transaction and the deal closed at $530,000 at 92% of the list price ($54,000 per unit,8.32 Cap Rate , 5.72 GRM). The building featured 4 one bedroom apartments and 6 two bedroom apartments. The building had some deferred maintenance including original windows and a porch violation. The investor purchased the asset with the intention of renovating the units and adding value by increasing rents. South Shore remains to be one of the most undervalued neighborhoods in the City of Chicago relative to employment, average house hold income, occupancy levels and rents. I have a handful other apartment buildings in the area that I will be bringing to market soon and a couple more that I'm working off market. To

I recently brokered a sale at 1566 Mark Avenue, an 8 unit apartment building in Elgin, IL. The sale price was $430,000 ($53,750 Per unit, 7.66 Cap Rate and a Gross Rent Multiplier of 13.04). The property sold for 93% of list price. In approximately 30 days of marketing we generated 6 offers before selecting a cash buyer that closed in 14 days. In 2013, Elgin ranked number one in the Chicago metropolitan area in new home starts, while ranking second in new home closings.[17] Elgin's downtown has also been the center of city renovations and new developments. New townhouses, condo towers, loft spaces, and art galleries have opened in the last decade. In October 2003 the Gail Borden Public Library moved into a new $30 million, 139,980 square foot, 460,000 volume-capacity building. In August 2009 the city opened the first ever satellite branch. The 10,000 square foot Rakow Branch, situated on Elgin's West Side, is LEED registered, and was designed to be expandable up to 30,000 square feet. Elgin has opened the 185,000 sq. ft. Centre of Elgin recreation facility across the street from the library. In 2014, Elgin completed the Central Business District Streetscape Improvement Project and the Riverside Drive Promenade. (Wiki) I also closed a 10 unit building in the Beverly neighborhood of Chicago, IL at 10419 S Hale. My team represented seller in that transaction and the deal closed at $530,000 at 92% of the list price ($54,000 per unit,8.32 Cap Rate , 5.72 GRM). The building featured 4 one bedroom apartments and 6 two bedroom apartments. The building had some deferred maintenance including original windows and a porch violation. The investor purchased the asset with the intention of renovating the units and adding value by increasing rents. South Shore remains to be one of the most undervalued neighborhoods in the City of Chicago relative to employment, average house hold income, occupancy levels and rents. I have a handful other apartment buildings in the area that I will be bringing to market soon and a couple more that I'm working off market. Currently our National multi-family apartment group has more than 100 apartment deals for sale in Chicago land and North of 700 nationwide.

Congrats