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RARE 12-Unit Multifamily Property

13039 S Wood St. Blue Island IL 60406

Pricing/Terms Explained 

$900,000

$75,000 / Unit

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22

Beds

12

Baths

-

Sq. Ft.

1968

Yr. Built

100%

Occupancy

12 Spaces

3 Stories

Boiler Heat

Paid, On Site

Street View

Property Summary

About The Property

Type

Multifamily

In Place NOI

$62,370

Target CAP Rate

6.9%

Today's Market Value

$959,000

Target Purchase Price

$900,000

Units

12

Projected NOI

$109,658

Market CAP Rate

6.5%

Value w/Market Rents

$1,680,000

Cost Per Unit

$75,000


Rare opportunity the own a well priced, solid brick apartment building in Blue Island, IL. Blue Island has seen a recent surge in rents and sales over the past 12 months but the current owner has not raised rents on the current long-term tenants. Current gross rents are $126,000 with plenty of room to push for market rents of $165,000. The building itself consists of (9) 2-beds and (3) 1-bedroom units, arranged in an L-shape on the extra wide lot. Each unit has a balcony and there are 12 total parking spaces. The current owner has been hands off in management so some simple cosmetic improvements such as fresh carpet and lighting in common areas and basic landscaping could add some excellent upside for a new investor and command even higher rents.

About the Neighborhood

Blue Island is a town of 22,500 in southern Cook County, Illinois. It has traditionally been an industrial hub serving Chicago since the late 1800’s but presently has a more diverse economy. It is situated 15 miles south of the Chicago Loop and 8 miles south of Midway International Airport. Moraine Valley Community College has a campus in Blue Island and Dwight D Eisenhower High School serves as the main secondary education institution for the town. Blue Island is home to the well-known Meadows Golf Club.

Due
Diligence

Documents

Chase Real Estate conducts a thorough document review on every property. For access to current leases for this property please fill out our Leases Request Form.

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