6-unit Value-Add Property in Glenview

[A.J. Manaseer]

Investment Info:

Large multi-family (5+ units) buy & hold investment in Glenview.

Purchase price: $626,000
Cash invested: $75,000

Purchased a 6-unit value-add property in Glenview. The plan is to renovate the units, increase the NOI, and either keep the property as a buy-and-hold investment or sell it after all the units have been improved.

What made you interested in investing in this type of deal?

The property is in a great location with plentiful shopping options and near excellent transportation links, while still being in the coveted Glenview School District. These kind of near suburbs are enjoying a resurgence in the post-Covid world and I believe rents in the building have significant upside through a value-add program. The building is in an HOA of other multifamily buildings, making the management easier (the HOA handles lawn care, snow removal, and trash).

How did you find this deal and how did you negotiate it?

I found this on MLS and was the broker.

How did you finance this deal?

Cash with a refi planned after the renovations are complete.

How did you add value to the deal?

The plan is to renovate all 6 units with new kitchens, bathrooms, re-stained flooring, and updated fixtures. Modest improvements to the exterior and common areas have also been made.