- List Price $2,900,000
- Price / Unit $96,666
- Property Type Multifamily
- Units 30
- Current Rents $342,540
- Pro Forma Rents $363,600
- In Place NOI $197,263
- Projected NOI $214,321
- Target CAP Rate 6.8%
- Market CAP Rate 5%
- Today's Market Value $3,945,000
- Value w/Market Rents $4,700,000
*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.
- 1
- 30
- 20000
- 1927
- 100%
- 4
- Boiler Heat
- Window Units
- None
1
30
20000
- 1927
- 100%
- 1
- 4
- Boiler Heat
- Boiler Heat
- None
About the property
Recently improved and re-leased to quality tenants. Beautiful 30-unit architectural brick apartment building in the Chicago suburb of Berwyn. The building consists of 29 Studios and 1 One-Bedroom units. The studios are large and could easily be converted to all one-bedroom units as a relatively simple value-add play. It is located only 1.5 blocks from the Berwyn Metra station and is adjacent to a lively retail district. The property has had a new roof installed and the brick has been tuckpointed within the past 5 years. The building heating system has been converted to in unit electric baseboard heating. Owned by IL Licensed RE Broker.
About the neighbourhood
- With a population of over 56,000, the City of Berwyn lies only 10 miles southwest of the Chicago Loop. A historic town in its own right, Berwyn was reported to have the highest concentration of financial institutions in the world in the 1990's. Today it's economy is primarily propped up by retail via Cermak Plaza, popular music venues and the Loyola MacNeal Hospital campus. Its proximity to downtown Chicago makes Berwyn an attractive option for those seeking a suburban lifestyle while still remaining close to the city.
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
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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Year 2 Pro Forma
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Mortgage Calculator
- Down Payment
- Loan Amount
- Monthly Mortgage Payment
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Utility Table
Total Yearly Utitlity Cost: $27,879.00
*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 | $38,916.83 | $70,757.87 | $43,051.49 | $45,448.68 |
| YOY Tax Change ($) | -$31,841.04 | +$27,706.38 | -$2,397.19 | +$2,668.45 |
| YOY Tax Change (%) | -45.00% | +64.36% | -5.27% | +6.24% |
| Current Assessed Value | $160,513 | Source - Public Record For more information on assessments, property taxes, and tax appeals visit: Property Taxes | Assessed - Land | $17,944 | Assessed - Improved | $142,569 |
For more information on assessments, property taxes, and tax appeals visit: Property Taxes
Walkscore
Nearby
- Arts & Entertainment
-
Baila Conmigo Dance With Me (0.12 mi)
-
The Outtaspace (0.14 mi)
-
Berwyn Development Corporation (0.13 mi)
- Education
-
CORE Learning Center (0.11 mi)
-
St Leonard School (0.33 mi)
-
Palos Driving School of Riverside (0.39 mi)
- Food
-
La Malquerida Latin Fusion (0.03 mi)
-
Taz Deli (0.05 mi)
-
Atara Mart (0.05 mi)
- Health & Medical
-
Balance Body Therapy (0.05 mi)
-
Destani Nejat MD (0.05 mi)
-
Primary Care Associates (0.05 mi)
Contact Information
- List Price $2,900,000
- Property Type Multifamily
- Current Rents $342,540
- In Place NOI $197,263
- Target CAP Rate 6.8%
- Today's Market Value $3,945,000
- Price / Unit $96,666
- Units 30
- Pro Forma Rents $363,600
- Projected NOI $214,321
- Market CAP Rate 5%
- Value w/Market Rents $4,700,000
*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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