Listed by EXP Realty
$895,000
26196-98 W Spring Grove Rd
Details
Property Type Multifamily
Sub Type Apartment Building
Units 8
Beds 14
Cap Rate 8.40%
NOI $75,355
Occupancy 100%
Tenancy Multi
Pro-Forma Cap Rate 10.60%
Pro-Forma NOI $95,355
Buildings 2
Lot Size (SqFt) 20,881
Parking Spaces 13 spaces
Investment Type Value Add
Rare Lakefront Multifamily | 8.40% CAP | 8 Units
Marketing description
Rare 8-unit Channel Lake multifamily asset with stable in-place income, proven occupancy, and embedded upside from below-market rents and irreplaceable lakefront frontage. Long-term tenancy and conservative rent growth support durability and future upside. Offered at an attractive basis relative to both cash flow and underlying waterfront land value.
Investment highlights
- Rare opportunity inherit multifamily zoning on the waterfront
- Long term tenant base with average tenancy of 6+ yrs
- 140 ft of Channel Lake Front shoreline
- Multiple income-producing units with diverse rental mix
- 13 parking spaces
- Standalone brick cottage offers added tenant privacy and appeal
- Tenants responsible for their own electric utilities
- Shared heating contribution structure during winter months
- Located near the Chain O'Lakes recreational area and only 10 minutes from Metra train with connection to Chicago
- Long term re-develpment potential
Listing Contacts
Listed by EXP Realty
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$75,355.00
$6,279.58/mo
Valuation Metrics
0
DSCR
8.42%
Cap Rate
8.42%
ROI
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