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.