6 Unit Apartment Rental in Gage Park Chicago Illinois $80K Equity

[Fernando Angelucci]

Hello BP!

We have available for immediate assignment 6-unit apartment deal in Gage Park.

2254 W. Garfield Blvd., Chicago, IL 60609

Price: $225,000

Size: 5,634 sq. ft.

Units: 6 (Four 2 bed, 1 bath | Two 1 bed, 1 bath)

Vacancies: 2 (Two 2 bed, 1 bath units)

Current Monthly Rent: $2,150

Proforma Monthly Rent: $4,850 (1 bed: $725 | 2 bed: $850)

Taxes: $4,719.00

Estimated Rehab: $45,000

Estimated After Rehab Value: $350,000

Details: This Gage Park building has a new roof and new windows. Two of the units are vacant and need light rehab. All tenants are market renters renting at below market rate. The units have separate gas and electric meters but the tenants currently pay for all utilities according to the owner. One block away from the Gage Park Fieldhouse with an outdoor pool, playgrounds, basketball courts, tennis courts, artificial turf field, and more. The property is surrounded by schools, parks, and retail attractions. The property is 4 miles away from Midway International Airport- a convenience distance without being too close for noise. Within the last 12 months, only a handful of MFR have been available on the market in this area so there's only one comparable that is all 1 bedroom units and in a worse location.

MLS Sold Comparable:https://www.dropbox.com/s/4hsahvhprf0ok95/MLS%20Sold%20Comparable%20for%202254%20W.%20Garfield%20Blvd.%2C%20Chicago%2C%20IL%20.pdf?dl=0

PHOTOS:https://www.dropbox.com/sh/6lq6tees4b0a3e6/AABKgOA719QEanK0HTI9cnNKa?dl=0

The deal goes to the first person to sign the assignment of contract and remit the assignment fee. We will conduct a single group showing unless the deal is sold before then. If you are a wholesaler and are interested in marketing this deal, you need to ask for our explicit approval before doing so.

Cheers!