$180,000
253 W 43rd, Chicago, IL 60609
Current Rent **
$2,640
Projected Rent **
N/A
Unit 1 Details
- Current Rent: $1,340
- Bedroom: 5+ bd
- Bathroom: 1½ ba
- Square Footage: 1200 sqft
- Occupied: Yes
- Needs Repairs: No
- Off MLS: No
Unit 2 Details
- Current Rent: $1,300
- Bedroom: 5+ bd
- Bathroom: 1½ ba
- Square Footage: 1200 sqft
- Occupied: Yes
- Needs Repairs: No
- Off MLS: No
Chicago 2-flat with 5 Bedroom Apartments, 25.5% Projected Returns
San Francisco based investor owns duplexes/triplexes in Chicago, and is selling one of them. This property is in a decent neighborhood, has a good property management company managing it, and is a 2-unit. Each unit is 5 Bed 1.5 bath. Both units are rented at the time this brochure was made. The Rents provided on Page 3 for both units are ACTUALS. Both tenants have been in the units for over a year, so are mature tenants with a solid history of paying rents. After financing, the potential returns (estimates) are over 25.5% cash-on-cash returns, not counting either principal pay down or appreciation. Owner is selling because he is now investing in much larger Multifamily projects and moving out of smaller properties.
This property is located very close to Bronzeville, one of the hottest new construction areas in Chicago. Refer to the Map on page 2, and you will see that this property can appreciate a great deal in coming years.
About the property
• Low maintenance Hardwood floors. Large living room (see pics).
• Property went through a $70K rehab in late 2016 (owner has all bills). The pictures shown were taken immediately after the rehab. Brand new carpet and wood flooring on the ground floor. Brand new porches. Brand new paint.
• Property has demand for it. After rehab, both units were leased out within 45 days at market rate. Seller kept track of lead flow and can verify the leads for buyer.
• The property management company is strong. They are ethical, responsive and pro-active. Their fees are very reasonable at 8% of gross revenues plus leasing cost, they do not charge for empty units.
• Turnkey providers are selling 3 bedroom 2-flats in the same area for 180K+. Comps are available, please ask.
The owner is also selling two other properties that he owns in Chicago. The property brochure and some other property info can be found in the links below:
1. 1523 E 74th Place
a. Link to property brochure & other reports in Dropbox: https://www.dropbox.com/sh/78zqksy09aorozz/AAB4ft_sKlfaP6NEhZpq_b1qa?dl=0
2. 7844 S Greenwood Ave
a. Link to property brochure & other reports in Dropbox: https://www.dropbox.com/sh/gfxyv14wavtx8uc/AAAEX_0QVyAR0hXguhc5b0JMa?dl=0
3. 253 W 43rd St
a. Link to property brochure & other reports in Dropbox: https://www.dropbox.com/sh/7r05wzdp3jrqce2/AAD2h8DC13gOP6Ipn8AC27Dra?dl=0
Location:
253 W 43rd, Chicago, IL 60609
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* The cap rate and cash on cash return calculations found on BiggerPockets Listings are estimated and designed to be used for informational and educational purposes only, and when used alone, do not constitute investment advice. They assume 3 months worth of expenses and estimate taxes and insurance. BiggerPockets recommends that you seek the advice of a real estate professional before making any type of investment. The results presented may not reflect the actual return of your own investments. BiggerPockets is not responsible for the consequences of any decisions or actions taken in reliance upon or as a result of the information provided by these tools. Furthermore, BiggerPockets is not responsible for any human or mechanical errors or omissions.
** Current rent and projected rent are provided by the lister.
† Rental comps are pulled by looking at property characteristics (beds, baths, structure type), date the rent listing was captured, and proximity to the searched location.
‡ Confidence levels range from low to very high. Confidence is determined by the number of recent and relevant comparable properties for any given search. A very high confidence level indicates a high number of recent and similar rental listings.
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