I do indeed. Basic info below.
54 Rental Units (HAP) on Chicago's west side for Sale
Off-Market Purchase price: $3,575,000.
➢ There are 41,750 total square feet. The zoning is R-4 (Chicago Austin Submarket)
➢ Located in the Austin Area on the west side of Chicago.
➢ The seller has in place an H.A.P. contract that will convey at close of escrow.
➢ This portfolio brings in $48,641 monthly & there are 4 units vacant.
➢ The Occupancy Rate as reported is between 90 & 95%.
➢ Assumable debt from Fannie Mae of $2,400,000 @ 4.38% amortized 25 years.
➢ The time left on the loan is 9 years.
➢ The HAP contract is for 50 of the 54 units.
➢ The Austin area has a lot of open areas & parks with Columbus Park being the anchor.
➢ Investors, please note that when you are doing your Pre-due diligence & the formal due diligence, this is a class D portfolio.
➢ Property 1 has nineteen 2 bedroom/1 bathroom units with individual furnaces, windows that have been replaced in the past 5 years, updated porches in 2014, mix of copper/galvanized plumbing, and in-unit circuit breakers.
➢ Property 2 has twenty-three 1/1 units & 11 2/1 units plus a management office.
➢ In 2016 there was a new roof installed, new broiler and 2 hot water tanks. 10 parking spaces; the parking lot was repaved in 2015. New porches in 2013, in-unit circuit breakers, 800 amps to the building, and a mix of copper/galvanized plumbing.
➢ The net operating income is $314,377 providing investors a CAP Rate of 8.8% and the guaranteed income of the HAP contract.
➢ Buyer pays 3% agent commission.
Dear Buyer,
This is a Pre-due Diligence package and not a formal Due Diligence Package. Once the buyer and the seller execute a purchase and sale agreement and the buyer opens up the contracted escrow trust account with their contracted Earnest Money Deposit the seller will provide the buyer P&Ls, rent rolls, the HAP contract that is executed between the property owner and the city and any and all other information and documentation that pertains to this transaction.
To move forward, the buyer needs to provide the following:
➢ Signed asset specific NCND/MFA
➢ Buyer signed asset specific letter of intent that includes the purchase price, due diligence period, close of escrow date, and the amount of earnest money that will be deposited in the escrow trust account once the purchase and sale agreement is executed.
➢ Buyer's bio of multi-family assets or student housing assets that the direct buyer has in the investment portfolio.
➢ Verifiable proof of funds in the form of a bank or fund statement in the end buyer's name, this can be done attorney to attorney if the buyer chooses to do so. Please no transactional funding.
Thoughts? If interested, kindly email me at This email address is being protected from spambots. You need JavaScript enabled to view it..
Best,
Ben
