South Suburb 6-Unit Multifamily Property
4552 Heartland Dr. Richton Park IL 60471
Pricing/Terms Explained
$420,000
$70,000 / Unit

11
Beds

6
Baths

6,231
Sq. Ft.

1978
Yr. Built

100%
Occupancy

6 Spaces

3 Stories

Boiler Heat

Paid, On Site
Property Summary
About The Property
Type
Multifamily
In Place NOI
$18,176
Target CAP Rate
4.3%
Today's Market Value
Target Purchase Price
$420,000
Units
6
Projected NOI
$50,539
Market CAP Rate
6.5%
Value w/Market Rents
$770,000
Cost Per Unit
$70,000
Massive value-add opportunity with this attractive brown brick 6-unit building in Richton Park, IL made up of (5) 2-bedroom units and (1) 1-bedroom. The property’s current owner has not raised rents in several years and is severely below market in a very high demand neighborhood. Additional revenue can be generated through the unmonetized laundry units. The building is in good condition with a recent roof inspection revealing minimal wear. The property itself is located in a fantastic, secluded community with a large park across the road. Each unit has its own private balcony and a generous 14 space parking lot rounds out this exceptionally solid investment.
About the Neighborhood
Richton Park is a small, vibrant suburb 25 miles south of downtown Chicago. With a population of roughly 14,000, it is a thriving town filled with restaurants and retailers with Walmart being its largest employer. A brand-new Starbucks development recently opened in April of 2022 and the $18M senior housing development, Town Center Pointe, epitomize the growth and investment currently being undertaken in the community. It is located only 35 minutes from downtown and is 1-mile south of the PGA Tour championship course, Olympia Fields Country Club.
Due
Diligence
Documents
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