Apartment building in Chicago (Portage Park).

[Michael Ream]

Investment Info:

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

Purchase price: $750,000
Cash invested: $200,000

Purchased an offmarket six unit in Portage Park with a mix of apartments; in good condition but a little worn around the edges. Had two tenants move out right away and did cosmetic rehabs, then had two more move out and did cosmetic rehabs, finishing each rehab in time to rent out the following month. Building is now worth close to $1mil. Current leases are $1,650 (3/1), $1,300 (2/1) and $1,000 (1 BR/Gdn.). Also have three garages which rent for a total of $375.

[Michael Ream]

@Jonathan Klemm Thanks! I'm in Des Moines, but I'm a Chicago native and I travel there frequently for business and to visit family and friends. Always looking for deals and connections; I'd like to get another multifamily in Portage or elsewhere on the Northwest side: Jefferson, Irving, Logan, West Town.