Beautiful West Suburb 6-Unit Property
609 Pasadena Ave. Crest Hill IL 60403
Pricing/Terms Explained
$775,000
$129,166 / Unit

11
Beds

6
Baths

-
Sq. Ft.

Yr. Built

100%
Occupancy

8 Spaces

3 Stories

Electric Baseboard

Paid, On Site
Property Summary
About The Property
Type
Multifamily
In Place NOI
$52,018
Target CAP Rate
6.7%
Today's Market Value
$945,000
Target Purchase Price
$775,000
Units
6
Projected NOI
$78,114
Market CAP Rate
5.5%
Value w/Market Rents
$1,400,000
Cost Per Unit
$129,166
Quality, stabilized brick 6-unit building in Crest Hill, IL. The building features 3 levels of apartments with (5) 2-beds and (1) 1-bed and is all electric meaning lower operating expenses versus other comparable builds. In addition to being well maintained, the roof and windows have been replaced within the past 7 years and the units are in solid, rental grade condition. The property contains 12 parking spaces. Gross income is currently at a healthy $79,200 per year however Crest Hill’s rents have been soaring in recent years allowing gross rents to come up to a market rent exceeding $94,000.
About the Neighborhood
Crest Hill is a small, vibrant town of 20,500 located 30 miles southwest of downtown Chicago and 5 miles north of Joliet, Illinois’ 3rd largest city. Crest Hill was incorporated in 1960 to avoid being annexed by neighboring Joliet, in order to preserve its small-town character. Today it is known for both its popular commercial districts and natural environments, particularly the Prairie Bluff Preserve on the north side of town. The town borders Lewis University to the north along with the Lewis University Regional airport.
Due
Diligence
Documents
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