- List Price $675,000
- Price / Unit $112,500
- Property Type Multifamily
- Units 6
- Current Rents $76,800
- Pro Forma Rents $111,000
- In Place NOI $40,360
- Projected NOI $72,850
- Target CAP Rate 6%
- Market CAP Rate 5.5%
- Today's Market Value $814,000
- Value w/Market Rents $1,400,000
*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
- 5701
- 1670
- 100%
- 5
- 2
- Boiler Heat
- Window Units
- Common, Paid
12
6
5701
- 1670
- 100%
- 12
- 2
- Boiler Heat
- Boiler Heat
- Common, Paid
About the property
Welcome to 1623 S. Harlem Ave. nestled in the heart of Berwyn, IL. This multi-unit gem comprises of 6 units, including Four spacious 2-bedroom/1-bathroom units & One 1-bedroom/1-bathroom unit, lined with hardwood floors & all maintained with plenty of potential. Cash flow can be increased substantially as units are but well under-rented based on the current Rental Market. Roof is actively maintained, boiler is 10 years old. The property has 5 parking spots in the back and is adjacent to a large parking lot. The building also has an on-site Laundry room. This building is in a great location within a minutes to businesses, restaurants, schools & transportation! This listing presents a rare opportunity to invest in a vibrant, densely populated & ever developing suburb of Berwyn, IL.
About the neighbourhood
- Berwyn, IL, is a vibrant suburban community located just to the west of Chicago. Known for its charming residential neighborhoods and rich history, Berwyn offers a blend of urban convenience and small-town charm. The city is home to a diverse population and boasts an array of local businesses, from classic diners and family-owned shops to trendy cafes and restaurants.Berwyn's streets are lined with a mix of early 20th-century architecture, including bungalow-style homes and larger brick structures, offering a nostalgic feel that contrasts with the modern developments in the area. The city has a strong sense of community, with active neighborhood associations and various local events throughout the year, including festivals and farmer’s markets.Transportation is convenient, with easy access to the CTA Blue Line and Metra train stations, connecting residents to downtown Chicago in just a short commute.
Municipality - Investor Guide
Berwyn
| Transfer Stamps | Pre Sale Inspection | Yearly Rental Inspection | |
|---|---|---|---|
| Buyer: N | Cost: None | Required: Yes | Required: Yes |
| Seller: Y | Cost: Yes | Cost: $50.00 | Cost: Varies |
| Notes | |||
| Final water bill must be paid prior to closing. | |||
For a list of all Municipality requirements visit our Municipality Requirements Page
Property Documents
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Walkscore
Nearby
- Arts & Entertainment
-
Divine Consign North Riverside (0.12 mi)
-
Goodwill Store & Donation Center (0.28 mi)
-
SD Studios (0.29 mi)
- Education
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Schools Public (0.18 mi)
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JH Little Angels Home Day Care (0.18 mi)
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SD Studios (0.29 mi)
- Food
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Lucky Dog (0.07 mi)
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Di Vino (0.12 mi)
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Express Mart (0.2 mi)
- Health & Medical
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Lovely Nails (0.1 mi)
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CFX North Riverside (0.11 mi)
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North Riverside Health Center – formerly Cicero (0.14 mi)
Contact Information
- List Price $675,000
- Property Type Multifamily
- Current Rents $76,800
- In Place NOI $40,360
- Target CAP Rate 6%
- Today's Market Value $814,000
- Price / Unit $112,500
- Units 6
- Pro Forma Rents $111,000
- Projected NOI $72,850
- Market CAP Rate 5.5%
- Value w/Market Rents $1,400,000
*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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Based on Citypoint’s communication with the seller, the price point listed is a price that the seller should be willing to transact at. Any terms for, or against, the seller can help/hurt this price level.
Many sellers have loan balances that need to be paid off at closing. If the seller’s net proceeds after commissions, taxes, closing fees, rent credits, security deposit credits, etc fall below their current loan balance the price will most likely be denied by the seller.
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