Midwest 6-Unit Multifamily Building
16035 Laramie Ave. Oak Forest IL 60452
Paid, On Site
About The Property
In Place NOI
Target CAP Rate
Today's Market Value
Target Purchase Price
Market CAP Rate
Value w/Market Rents
Cost Per Unit
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.
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