RARE 12-Unit Multifamily Property
13039 S Wood St. Blue Island IL 60406
Pricing/Terms Explained
$900,000
$75,000 / Unit

22
Beds

12
Baths

-
Sq. Ft.

1968
Yr. Built

100%
Occupancy

12 Spaces

3 Stories

Boiler Heat

Paid, On Site
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
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