- List Price $695,000
- Price / Unit $115,833
- Property Type Multifamily
- Units 6
- Current Rents $75,600
- Pro Forma Rents $108,000
- In Place NOI $45,241
- Projected NOI $73,042
- Target CAP Rate 6.6%
- Market CAP Rate 6%
- Today's Market Value $770,000
- Value w/Market Rents $1,234,000
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
- 12
- 6
- 4760
- 1966
- 100%
- 6
- 2
- Electric BB
- Window Units
- None
12
6
4760
- 1966
- 100%
- 12
- 2
- Electric BB
- Electric BB
- None
About the property
Presenting an extraordinary investment opportunity in Elgin, IL. This 6-unit property consists of 6 well maintained 2 bedroom / 1 bathroom units. The Interior units are in great shape, spacious & rental ready. 5 of 6 units have been updated with flooring consisting of LVP, oak & ceramic tile with 1 unit having carpeting with a long term tenant. The Exteriors has been well maintained boasting 6 individual 1 car garages all in good working order.
ALL UNITS PRESENT A VALUABLE OPPORTUNITY for rent increases. Furthermore, the 6 garages as well as 6 individual storage units are currently are offered to each tenant at NO cost, but should definitely be rented for more $! The building also has a room and set up for Coin Laundry. All units run efficiently, each having separate electric water heaters & electric baseboard heating system (Tenants pay for All Unit utilities except for water). Explore this lucrative property today and capitalize on the chance to contribute to Elgin’s thriving community.
About the neighbourhood
- Elgin, Illinois, situated in Kane County, is a vibrant city with a rich history and diverse community. Nestled along the Fox River, Elgin boasts a mix of urban amenities and natural beauty, making it an attractive place to live, work, and visit. Elgin is one of the largest cities in Illinois, with a population exceeding 110,000 residents. The community is culturally diverse, with a blend of ethnicities and backgrounds contributing to its dynamic character. The city has a relatively young population, with a median age of around 34 years. Elgin's economy is diverse, with a range of industries contributing to its vitality. Manufacturing, healthcare, education, and retail sectors are prominent employers in the area. The city is home to several major corporations and small businesses, fostering a robust economic landscape. Regarding transportation, Elgin benefits from its strategic location near major transportation arteries, including Interstate 90 and Metra's Milwaukee District/West Line, providing convenient access to neighboring cities and Chicago. The city also features a well-maintained network of roads and public transportation options, facilitating easy commuting and travel within the region. Elgin, IL, is a dynamic and welcoming community offering a high quality of life for its residents. With its diverse population, strong economy, excellent schools, and abundant recreational opportunities, Elgin continues to be a desirable place to call home in the Chicagoland area.
Municipality - Investor Guide
Elgin
| Transfer Stamps | Pre Sale Inspection | Yearly Rental Inspection | |
|---|---|---|---|
| Buyer: N/A | Cost: - | Required: No | Required: Yes |
| Seller: N/A | Cost: - | Cost: $0 | Cost: Varies |
| Notes | |||
| A pre sale inspection is required if violations on the property exist. | |||
For a list of all Municipality requirements visit our Municipality Requirements Page
Property Documents
Property Financials
View current and future return metrics based on customizable inputs. "Annual Net Income", "Monthly Cash Flow", "Cash on Cash Return", "Equity Value", and "Equity Multiple" are based off of the "Year 2 Pro Forma" column inputs.
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Mortgage Calculator
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Utility Table
Total Yearly Utitlity Cost: $4,080.00
*This Utility Table does not include snow removal or lawn care costs, if any. For more details on snow/lawn expenses, see the "Expenses" attachment located under the "Property Documents" section.
Property Taxes
| 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|
| Tax Amount | $13,979.68 | $13,447.68 | $13,123.74 | $12,801.80 |
| YOY Tax Change ($) | +$532.00 | +$323.94 | +$321.94 | +$35.52 |
| YOY Tax Change (%) | +3.96% | +2.47% | +2.51% | +0.28% |
| Current Assessed Value | $161,221 | Source - Public Record For more information on assessments, property taxes, and tax appeals visit: Property Taxes | Assessed - Land | $27,585 | Assessed - Improved | $133,636 |
For more information on assessments, property taxes, and tax appeals visit: Property Taxes
Walkscore
Nearby
- Arts & Entertainment
-
One Bear Productions (0.6 mi)
-
Hahn's World of Surplus (0.68 mi)
-
Classy Claws (0.71 mi)
- Education
-
Battle Born Academy (0.55 mi)
-
Robert Lunt Elementary (0.6 mi)
-
Rancho High School (0.65 mi)
- Food
-
Sonia's Mexican & Japanese Cuisine (0.19 mi)
-
Tres Hermanos (0.23 mi)
-
El Camaron Pelado LV (0.27 mi)
- Health & Medical
-
Planet Fitness (0.21 mi)
-
AC Dental (0.23 mi)
-
La Familia Medical Center (0.43 mi)
Contact Information
- List Price $695,000
- Property Type Multifamily
- Current Rents $75,600
- In Place NOI $45,241
- Target CAP Rate 6.6%
- Today's Market Value $770,000
- Price / Unit $115,833
- Units 6
- Pro Forma Rents $108,000
- Projected NOI $73,042
- Market CAP Rate 6%
- Value w/Market Rents $1,234,000
*Today’s Market Value & Value w/Market Rents is a theoretical value calculation derived by NOI and CAP rate. It does not take any other property factors into account.
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