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701 S. 5th Avenue Opportunity -- 27-Unit Mixed Use Building

Chicago, IL, 60153
See on the map $2,250,000
  • EquityBuild Inc. Property
  • EquityBuild Inc. Property
  • EquityBuild Inc. Property
  • EquityBuild Inc. Property

Property Summary

EquityBuild is able to make this opportunity available as part of a portfolio of properties available only to us based on our unparalleled position in the Chicago-area market.

 

This three-story brick building has 27 units: 20 apartments above with 7 retail storefronts on the ground floor.

 

The larger-than-usual units are configured as 14 studios, 4 one-bedroom/one-bath flats, and 2 two-bedroom/two-bath apartments situated on two stories with private internal stairs.

 

The building is in good condition, significantly more improved than others in the neighborhood. All the units have been recently renovated with granite countertops, new cabinets, and refinished hardwood floors. The apartments contain tremendous closet space and individual furnaces.

 

The air conditioned ground floor retail units are large: six are 1,000 sf and the other is 2,000 sf. They face onto a busy commercial street, and have a major law firm as an anchor tenant.

 

EquityBuild's warrantied contractor team will improve the waterproofing and fireproofing in the basement, as well as minor foundation and floor framing repairs. The roof will need to be replaced, and some parapet walls will require restoration.

The building is located in Maywood, a western suburb of Chicago near Oak Park. It is situated amidst shops and restaurants, schools and churches.

 

The 245-acre Thatcher Woods nature preserve with its hiking trails along the Des Plaines River is only five blocks away. World famous Brookfield Zoo is just three miles south, and Oak Park Country Club is three miles to the north.

 

The Maywood Police department is planning to soon re-locate their headquarters immediately next door to the property, into the former site of a large grocery store.

The building is very convenient to public transportation, with a bus stop right across the street, and the Maywood Metra station just six blocks away.

 

The total cost of the property is $2,250,000.

More Information

Proposed Terms

Property Type
27 units
Refers to the kind of property, including the number of units in the building.
Total Purchase Price
$2,250,000
The combined price to buy the building plus estimated building renovation costs.
Projected Cash Outlay
$472,165
The amount of cash out of pocket that will be required to complete the purchase. Includes down payment and building rehab costs.
Full Stabilized Cap Rate (Based on Purchase Price)
9.07%
No Description found!
Projected Refi/Resale Cap Rate Used in Model
7.50%
No Description found!
Area Market Cap Rate
7.00%
No Description found!
Cash on Cash Return, Year 2
15.02%
Cash on cash return is the ratio of annual before-tax cash flow to the total amount of cash invested, shown as a percentage. Year 2 is once the property has reached full stabilization, and the building is fully rented.
Avg. Internal Rate of Return, Year 7
24.96%
The average value of the stream of Cash on Cash returns produced by the property through Year 7. This is the rate of return that would be required to equal the benefit of owning the property.
Proposed Unit Configuration (BRs/BAs)
14- Studio, 4- 1BR/1BA, 2- 2BR/2BA, 7- Retail
This describes how many units contain a specified number of bedrooms and bathrooms.
Monthly Gross Rent (per unit)
$700-800, $850-950, $950-1,000, $1,000-2,000
No Description found!
Gross Income (annual/monthly)
$290,873/ $24,239
No Description found!
Real Estate Taxes
$24,000
The annual tax amount for the property.
Leasing Commissions
$5,106
No Description found!
Insurance
$9,450
This is the estimated annual cost for insuring the property.
Gas - Heat
$3,693
This is the estimated cost for these utilities, based on individual properties.
Electric
$3,069
This is the estimated cost for these utilities, based on individual properties.
Water
$19,951
This is the estimated cost for these utilities, based on individual properties.
Trash
$2,000
This is the estimated cost for these utilities, based on individual properties.
Snow Removal/Landscaping
$2,000
No Description found!
Pest Control
$1,333
This is the estimated cost for these utilities, based on individual properties.
Legal
$1,333
No Description found!
Repairs and Maintenance
$16,200
The estimated cost for repairs and maintenance within a year.
G and A
$6,750
No Description found!
Management Fee – 5%
$14,544
No Description found!
Net Operating Income (annual/monthly)
$181,444/ $15,120
The amount of money generated by the property, less the regular expenses required to keep it in operation. Does not include financial costs like mortgage payments.
Free Cash Flow (annual/monthly)
$52,000/ $4,333
The amount of money generated by the property after all associated expenses have been paid, including operating and financial costs.

EquityBuild Comments

EquityBuild is changing the real estate investing industry by proudly providing three unique, industry-leading guarantees on every property we sell. These guarantees are straightforward, clear and available to you so that the risks of past are now met with guarantees that are changing real estate investing from this day forward. Call Now!

Call 877-978-1869 to find out more.

EquityBuild Difference

EquityBuild is a client advocate in a real estate world where we build life-long relationships to create turn-key solutions that consistently deliver double-digit returns. Real estate investment opportunities are carefully selected based on EquityBuild’s proprietary econometric model that identifies properties with strong upside and minimal risk. To learn more about EquityBuild and how you can invest directly in real estate with expert guidance and no landlord hassles please call (877) 978-1869.

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