Chicago 2-flat with 5 Bedroom Apartments, 21% Projected Returns

[Neal Bawa]

San Francisco based investor owns eight duplexes/triplexes in Chicago, and is selling one of them. This property is in a decent neighborhood, has a good property management company managing it, and is a 2-unit. Each unit is 5 Bed 1.5 bath. Both units are rented at the time this brochure was made. The Rents provided on Page 3 for both units are ACTUALS. Both tenants have been in the units for over 6 months, so are mature tenants with a solid history of paying rents. After financing, the potential returns (estimates) are over 22% cash-on-cash returns, not counting either principal pay down or appreciation. Owner is selling because he is now investing in much larger Multifamily projects and moving out of smaller properties.

This property is located very close to Bronzeville, one of the hottest new construction areas in Chicago. Refer to the Map on page 2, and you will see that this property can appreciate a great deal in coming years.

About the property

Low maintenance Hardwood floors. Large living room (see pics).

Property went through a $70K rehab in late 2016 (owner has all bills). The pictures shown were taken immediately after the rehab. Brand new carpet and wood flooring on the ground floor. Brand new porches. Brand new paint.

Property has demand for it. After rehab, both units were leased out within 45 days at market rate. Seller kept track of lead flow and can verify the leads for buyer.

The property management company is strong. They are ethical, responsive and pro-active. Their fees are very reasonable at 8% of gross revenues plus leasing cost, they do not charge for empty units.

Turnkey providers are selling 3 bedroom 2-flats in the same area for 180K+. Comps are available, please ask.

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