TITLE:
13-Unit Chicago Apartment Building - Edgewater
CONTROL:
Owner
VALUE:
$3,200,000
LOAN:
$2,600,000
EQUITY:
$600,000
TYPE:
Multi-Family
HAVE:
Property is an 11-unit apartment building and a single-family house for additional 2 units located in back yard. UPSIDE - convert all units to in-unit furnace/AC - Convert the 10 garages to storage or build an additional 12-unit apartment building.
ADDRESS:
1615 W HIGHLAND AVE, Chicago, Illinois
BENEFITS TO NEW OWNER:
UPSIDE POTENTIAL, stable tenant base, strong rental demand neighborhood, in-place low cost management!
GROSS SCHEDULED INCOME:
$305,400 Actual
VACANCY LOSS:
$15,270
GROSS EFFECTIVE INCOME:
$290,130
EXPENSES:
$71,000
NOI:
$219,130
DEBT SERVICE:
$180,000
CASH FLOW:
$39,130
CAP RATE:
6.85%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$2,550,000
$15,000
7%
09/14/2027
No
BENEFITS SOUGHT:
Seeking a deep value-add opportunity to trade with this building.
CAN ADD:
California SFR, Chicago MF apartment buildings, AZ MF apartment buildings
REMARKS:
We want to trade now ahead of the loan maturity,
COUNSELOR:
Paul Krause
eXp Realty
21515 Hawthorne Blvd, #200
Torrance, California, 90503
