1852-54 S. Central Park Ave, Chicago
60623
LIST PRICE
$1,099,000
Renovated 10 Unit Apartment Building
Very Desirable Unit Mix 6 - 3 bed/1 bath
4 - 2 bed/1 bath
9.23 % Cap Rate 18.69 % Cash on Cash
1000 N Milwaukee Ave Chicago, IL 60642
www.pearsonrealtygroup.com
David McLennan
Sr. V.P. - Investment and Commercial Properties 312.925.7938 Mobile
773.325.2800 Office
CONTENTS
OVERVIEW
PROPERTY PHOTOS STREET MAP
TRANSIT MAP RENT ROLL
OPERATING SUMMARY FINANCIAL SUMMARY
1000 N Milwaukee Ave Chicago, IL 60642
www.pearsonrealtygroup.com
David McLennan
Sr. V.P. - Investment and Commercial Properties 312.925.7938 Mobile
773.325.2800 Office
OVERVIEW
Beautiful, renovated 10 unit apartment building located at 1852 -1854 S. Central Park Ave. 1854 has 3-3/1's and 1-2/1 and has been completely gutted and rehabbed. 1852 has 3-3/1's and 3-2/1's and was rehabbed a few years ago. New Elec, plumbing, windows, roof, etc. Most of the original hardwood floors could be saved, so they have been refinished. Top quality kitchen and bath cabinets and fixtures. Individual furnaces in each unit. Get top rents with this desirable unit mix in the best part of North Lawndale. Property will be delivered to new owner mostly vacant so they can lease up with their own choice of tenants. Pro forma income produces an 9.23% Cap Rate at list price. As more and more investors and homeowners are discovering, North Lawndale is conveniently located
approximately 6 miles west from the center of downtown Chicago, 1.5 miles south of the Eisenhower Expressway (I-290), and 2.4 miles north of the Stevenson Expressway (I-55). This property is located in the heart of North Lawndale, just 3/4 mile from Douglas Park (home to the renowned Riot Fest music festival) and just 1/2 block north of both the revitalized CTA #157 bus line and the CTA Pink Line (light rail) stop.
PROPERTY HIGHLIGHT All units renovated
Separate furnaces and hot water Very desirable unit mix
6-3/1, 4-2/1
PROPERTY SUMMARY Asking Price: $1,099,000 Year Built: 1924
Lot Size: 50’x122’
LOCATION HIGHLIGHTS 6 miles from downtown Chicago
Great location in N. Lawndale neighborhood Close to several forms of public transit
David McLennan
Sr. V.P. - Investment and Commercial Properties 312.925.7938 Mobile
773.325.2800 Office
[email protected] 1000 N Milwaukee Ave
Chicago, IL 60642
www.pearsonrealtygroup.com
PROPERTY PHOTOS
1000 N Milwaukee Ave Chicago, IL 60642
www.pearsonrealtygroup.com
David McLennan
Sr. V.P. - Investment and Commercial Properties 312.925.7938 Mobile
773.325.2800 Office
STREET MAP
1000 N Milwaukee Ave Chicago, IL 60642
www.pearsonrealtygroup.com
David McLennan
Sr. V.P. - Investment and Commercial Properties 312.925.7938 Mobile
773.325.2800 Office
TRANSIT MAP
1000 N Milwaukee Ave Chicago, IL 60642
www.pearsonrealtygroup.com
David McLennan
Sr. V.P. - Investment and Commercial Properties 312.925.7938 Mobile
773.325.2800 Office
RENT ROLL
Unit # Unit Type Current Rent Proforma Rent
1854, unit 1 3 Bed/1 Ba $ ---- $1450
1854, unit 2 3 Bed/1 Ba $ ---- $1450
1854, unit 3 3 Bed/1 Ba $ ---- $1450
1852, unit 1W 3 Bed/1 Ba $ ---- $1350
1852, unit 2W 3 Bed/1 Ba $ ---- $1350
1852 unit 3W 3 Bed/1 Ba $ ---- $1350
1852, unit 1E 2 Bed/1 Ba $ ---- $1290
1852, unit 2E 2 Bed/1 Ba $ ---- $1290
1852, unit 3E 2 Bed/1 Ba $ ---- $1290
1854, Garden 2 Bed/1 Ba $ ---- $1150
David McLennan
Sr. V.P. - Investment and Commercial Properties 312.925.7938 Mobile
773.325.2800 Office
[email protected] 1000 N Milwaukee Ave
Chicago, IL 60642
www.pearsonrealtygroup.com
OPERATING SUMMARY
Operating Performance
Current Per Unit Proforma Per Unit
ANNUAL RENTAL INCOME $ --- $ --- $161,040 $16,104
Less Vacancy (7%) $ --- $ --- $ 11,272 $ 1,127
EFFECTIVE RENTAL INCOME $ --- $ --- $149,768 $14,977
Annual Other Income $ --- $ --- $ --- $ ---
EFFECTIVE GROSS INCOME $ --- $ --- $149,768 $14,977
EXPENSES
Real Estate Taxes $ --- $ --- $ 9,504 $ 950
Insurance $ --- $ --- $ 4,500 $ 450
Utilities - Gas $ --- $ --- $ 600 $ 60
Utilities - Electric $ --- $ --- $ 1,000 $ 100
Utilities - Water/Sewer $ --- $ --- $ 3,500 $ 350
Trash/Scavenger $ --- $ --- $ 2,000 $ 200
Repairs and Maintenance $ --- $ --- $ 2,500 $ 250
Landscaping and Snow $ --- $ --- $ 1,200 $ 120
Management Fee $ --- $ --- $ 7,500 $ 750
Janitor $ --- $ --- $ 2,000 $ 200
Turnover/Decorating $ --- $ --- $ 2,000 $ 200
Leasing Fees $ --- $ --- $ 2,500 $ 250
Legal/Professional $ --- $ --- $ 2,000 $ 200
Miscellaneous $ --- $ --- $ 3,300 $ 330
Reserves $ --- $ --- $ 4,200 $ 420
TOTAL EXPENSES $ --- $ --- $ 48,304 $ 4,830
NET OPERATING INCOME $ --- $ --- $101,464 $10,146
David McLennan
Sr. V.P. - Investment and Commercial Properties 312.925.7938 Mobile
773.325.2800 Office
[email protected] 1000 N Milwaukee Ave
Chicago, IL 60642
www.pearsonrealtygroup.com
FINANCIAL SUMMARY
INVESTMENT SUMMARY CURRENT PROFORMA
Price $ --- $ 1,099,000
Price Per Unit $ --- $ 109,900
GRM --- 6.82x
CAP Rate --- 9.23%
Cash-on-Cash Return (yr 1) --- 18.69%
Total Return (yr 1) $ --- $ 64,373
Debt Coverage Ratio --- 2.02x
OPERATING iNFORMATION
Annual Rental Income $ --- $ 161,040
Vacancy Expense $ --- $ 11,272
Effective Rental Income $ --- $ 149,768
Annual Other Income $ --- $ ---
Effective Gross Income $ --- $ 149,768
Operating Expenses $ --- $ 48,304
Net Operating Income $ --- $ 101,464
Before Tax Cash Flow $ --- $ 51,348
FINANCING INFORMATION
Down Payment (25%) $ --- $ 274,750
Loan Amount (75%) $ --- $ 824,250
Debt Service - Annual $ --- $ 50,116
Debt Service - Monthly $ --- $ 4,176
Principal Reduction (yr 1) $ --- $ 13,025
David McLennan
Sr. V.P. - Investment and Commercial Properties 312.925.7938 Mobile
773.325.2800 Office
[email protected] 1000 N Milwaukee Ave
Chicago, IL 60642
www.pearsonrealtygroup.com
1852-54 S. CENTRAL PARK AVE Chicago, IL 60623
1000 N Milwaukee Ave Chicago, IL 60642
www.pearsonrealtygroup.com
