Summary
For sale: 10 condominium units in a 20-unit condo building located in the Rogers Park neighborhood, just across from beautiful Potawatomi Park.
| Investment Overview | Proforma |
|---|---|
| Price | $1,700,000 |
| Price per Unit | $170,000 |
| GRM | 7.72 |
| CAP Rate | 7.4% |
| Operating Data | Proforma |
|---|---|
| Gross Rental Income | $220,200 |
| Vacancy & Collection @ 5% | $11,010 |
| Gross Effective Income | $209,190 |
| Operating Expenses | $83,893 |
| Net Operating Income | $125,297 |
Details
The unit mix comprises of:
- six (6) x 2-bedroom/2 bath units
- two (2) x 3-bedroom/2.5 bath duplexes
- two (2) x 2-bedroom/2.5 bath with family room duplexes
- The duplexes are approximately 1350 SF, simplexes are around 650 SF
All units were renovated and converted to condominiums in 2007, and are equipped with stainless steel appliances including a microwave and dishwasher, washer and dryers, primary baths, individual HVAC, front and rear entrances, and private balconies that overlook the courtyard. The renovation included new electrical, plumbing, HVAC, and roofing for the entire complex.
Property
The property is located in a solid rental area of Chicago and the rents are averaging roughly 10% below market. The tenants are attracted to the large park across the street, its easy access to public transportation (including the Red Line), close proximity to the Clark Street entertainment and shopping corridor, and its location near Evanston.
This is an opportunity to purchase a multi-family property with a mix of unit types in an area with attractive rental demand.
Highlights
- Excellent Rodgers Park location, directly across from Potawatomi Park
- 10 of 20 units are being offered for sale
- Renovated in 2007
- Good unit mix (see above)
- Current control of six (6) exterior parking spaces
- Significantly above market returns
- Extensive list of capital improvements
- Easy access to transportation, Lake Shore Drive, and Evanston
Contact Us
For more details or to request Offering Memorandum, please email Lisa Callahan or call her at (312) 320-6685.
