Phoenix Apartments
Multifamily | 16 Units | $57,813/unit
Marketing description
Real Realty is pleased to present this 16-unit apartment complex located off 151st street in Phoenix, IL. The property is comprised of 16 units, with a mix of 8-studio units and 8 - one-bedroom units. The property is brick and flexicore construction and is heated with 4 newer Peerless hot-water boilers, and sleeve A/C units (tenant provided) cool the apartment in the summer.
Recent improvements to the property include newly painted hallways and carpeting. 11 of the 16 apartments have been fully remodeled. Remodeled apartments are renting for over $150 more than non-renovated apartments.
Due to the AHSAP incentive, the assessed value of this property per the assesor valuation has been reduced from 42,013 to 28,176, which equates to estimated taxes of $29,418 based on the current tax rate and equalization factor.
*Current management company will stay on and manage for a new owner - Call for details.
Investment highlights
Brick & Flexicore Construction
Proforma 10.42 Cap
Studio & 1 Bedroom Apartments
Adjacent to City Fire & Police Stations
Proven Add-Value Strategy
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