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Beautiful West Suburb 6-Unit Property

609 Pasadena Ave. Crest Hill IL 60403

Pricing/Terms Explained 

$775,000

$129,166 / Unit

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11

Beds

6

Baths

-

Sq. Ft.

Yr. Built

100%

Occupancy

8 Spaces

3 Stories

Electric Baseboard

Paid, On Site

Street View

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

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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