TITLE:
10-unit Chicago Apartment Complex - Pilsen
CONTROL:
Owner
VALUE:
$2,100,000
LOAN:
$885,000
EQUITY:
$1,215,000
TYPE:
Multi-Family
HAVE:
Apartment with BIG upside - convert one building (4 units) or the other building (6 units) to furnished units and realize 30% upside with minimal investment and no construction.
ADDRESS:
1949-51 S Canalport Ave, Chicago, Illinois
BENEFITS TO NEW OWNER:
Big upside, tenant-stable, effective low-cost management in place, desirable rental location in Pilsen arts district,
GROSS SCHEDULED INCOME:
$250,920 Actual
VACANCY LOSS:
$12,546
GROSS EFFECTIVE INCOME:
$238,374
EXPENSES:
$74,000
NOI:
$164,374
DEBT SERVICE:
$106,200
CASH FLOW:
$58,174
CAP RATE:
7.83%
ENCUMBRANCE
BALANCE
PAYMENT
RATE
DUE
ASSUMABLE
LOAN 1
$885,000
$8,850
12%
12/31/2025
No
BENEFITS SOUGHT:
Seeking to trade this building for a deep value-add property and can add others.
CAN ADD:
Chicago MF apartment buildings, AZ MF apartment buildings, cash.
REMARKS:
The Pilsen neighborhood in Chicago has turned and become desirable for tenants that want to live in the artistic lifestyle of this neighborhood. Additional land on the property that can build additional units.
COUNSELOR:
Paul Krause
eXp Realty
21515 Hawthorne Blvd, #200
Torrance, California, 90503
