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South Suburb 6-Unit Multifamily Property

4552 Heartland Dr. Richton Park IL 60471

Pricing/Terms Explained 

$420,000

$70,000 / Unit

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11

Beds

6

Baths

6,231

Sq. Ft.

1978

Yr. Built

100%

Occupancy

6 Spaces

3 Stories

Boiler Heat

Paid, On Site

Street View

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

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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