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Midwest 6-Unit Multifamily Building

16035 Laramie Ave. Oak Forest IL 60452

Pricing/Terms Explained 

$650,000

$108,333/ Unit

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11

Beds

6

Baths

5,800

Sq. Ft.

1977

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

$30,684

Target CAP Rate

4.7%

Today's Market Value

$681,000

Target Purchase Price

$650,000

Units

6

Projected NOI

$65,859

Market CAP Rate

4.5%

Value w/Market Rents

$1,400,000

Cost Per Unit

$108,333

Gorgeous, well-constructed 6-unit brick building in beautiful Oak Forest. The property goes a step beyond the basic cookie-cutter brick building with well thought out architectural elements on the exterior, a large lot with plenty of parking in the rear, and adjacent to a scenic wooded creek. The building itself features (4) 2-bedrooms, (2) 1-beds and brings in a healthy $72,000 in gross income per year. Value add opportunities are abundant with room to raise rents to market-rate, which would increase total gross income to approximately $88,000. A savvy investor could also convert the currently empty, unused basement into a 7th unit. Tenants pay for electric. This is a rarely available opportunity in a fantastic neighborhood.

About the Neighborhood

Oak Forest is a small yet dense town located 19 miles southwest of downtown Chicago. Surrounded by forests and parks, it is a mostly residential town with a population of 27,500. In 2008, a large development for the downtown district saw 50,000 SF of mixed use retail added to the city. Oak Forest borders the affluent Tinley Park to the southwest and is flanked by the George W. Dunne National Golf Course. Oak Forest is famous for it’s summer street festival, Oak Fest.

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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