14437 Halsted

The Multifamily Investment Advisors with KW Commercial and Keller Williams ONEChicago are pleased to present the multifamily property at 14437-14445 Halsted St, Harvey, IL 60426. This property comprises two adjacent California-style walk-ups, offering a total of 30 one-bedroom units, each measuring 750 square feet. The property includes 30 off-street parking spaces and is currently vacant, presenting a significant value-add opportunity for investors to capitalize on the increasing rental market.

Assumable and Seller Financing Available: Investors have the option to assume the existing financing, with an outstanding loan balance of $950,000 at a 6.35% interest rate. The mortgage assumption is at the sole discretion and approval of the lender, who is open to the assumption for a creditworthy buyer with a solid plan and the necessary funding for improvements to lease up the property. Additionally, seller financing is available, providing flexible options for prospective investors.

The property's potential gross revenue is estimated at $442,800 annually from rental income, with an additional $4,320 annually from laundry facilities, leading to a total potential annual income of $447,120. The owner is offering a $100,000 credit to assist with the renovation of the remaining 15 units. Currently, 15 units have already been renovated, with an estimated per-unit renovation cost of $3,333.

In the first year, the property is projected to achieve a net operating income (NOI) of $160,022, resulting in a pro forma cap rate of 10.89%. By the second year, the NOI is expected to increase to $195,401, with a corresponding cap rate of 13.29%. The potential cash-on-cash return is projected to be 16.03% in the first year and 22.95% in the second year.

Investment Highlights:

Value-Add Opportunity: Significant potential for an investor to improve units and capture the rising rental market.
Potential Gross Revenue: $442,800 annually from rent and $4,320 annually from laundry income.
Owner Incentive: $100,000 credit to assist with renovating the remaining 15 units.
Renovated Units: 15 out of 30 units are already renovated.
Per Unit Renovation Cost: $3,333
Year 1 NOI: $160,022
Year 2 NOI: $195,401
Pro Forma Year 1 Cap Rate: 10.89%
Pro Forma Year 2 Cap Rate: 13.29%
Cash on Cash Return: 16.03% in Year 1 and 22.95% in Year 2

Assumable Financing: $950K loan balance at 6.35% interest, with lender approval required for mortgage assumption.
Seller Financing: Flexible seller financing options are available.

This property represents a compelling investment opportunity with strong financial potential and significant room for value enhancement. With the owner's incentive and the initial renovations already completed, investors can expect attractive returns and long-term appreciation.