11 157TH ST | 7 UNITS IN SOUTH COOK COUNTY- CALUMET CITY, IL
7-Unit South Cook County Multifamily Opportunity Offered at $57K/Unit with Strong In-Place Cash Flow
Marketing description
Presented by Midwest Investment Advisors with KW Commercial & Keller Williams ONEChicago
11 E 157th St. presents investors with the opportunity to acquire a 7-unit multifamily property in Calumet City, Illinois, at a list price of $400,000. The property consists of (1) 2-bedroom / 1-bathroom unit and (6) 1-bedroom / 1-bathroom units, totaling approximately 5,000 square feet. With an average gross monthly rental amount of approximately $843 per unit, the asset offers strong in-place income and a compelling basis for a multifamily investment.
The current ownership has also completed recent upgrades and improvements to the property, including roof repairs and unit renovations. These capital improvements help support the property’s current rental performance while reducing near-term ownership concerns for a new investor.
At the list price, the property is being offered at approximately $57,143 per unit and $80 per square foot. Current gross revenue is approximately $70,800 annually, with pro forma gross revenue projected at approximately $90,000 annually. After accounting for vacancy and operating expenses, the property generates an estimated current net operating income of $37,107, with pro forma NOI projected to increase to approximately $54,265.
Based on the list price, the property produces an estimated 9.28% current cap rate and a projected 13.57% pro forma cap rate. The current GRM is approximately 5.65, with the pro forma GRM improving to approximately 4.44. These metrics position the property as a high-yield South Suburban multifamily opportunity with strong cash flow relative to its acquisition price.
The investment thesis is centered around acquiring a 7-unit multifamily asset with strong current cash flow, recent ownership improvements, a favorable price per unit, and additional upside through rental growth and ancillary income.
Investment highlights
High-Yield 7-Unit Multifamily Opportunity
11 E 157th St. offers investors the opportunity to acquire a 7-unit multifamily asset in Calumet City, Illinois, with strong in-place income and an attractive basis relative to surrounding sales comparables.
Compelling Acquisition Basis
The property is being offered at $400,000, equating to $57,143 per unit and $80 per square foot, positioning the asset below many comparable multifamily offerings in the South Suburban Cook County market.
Strong Current Cash Flow
The property generates approximately $70,800 in current gross potential revenue and an estimated current NOI of $37,107, producing a 9.28% current cap rate at the list price.
Significant Pro Forma Upside
Pro forma gross potential revenue is projected to increase to approximately $90,000 annually, with pro forma NOI projected at approximately $54,265, resulting in a projected 13.57% pro forma cap rate.
Below-Market Rents Create Rental Growth Opportunity
Current average rent is approximately $843 per unit, compared to projected market rent of $1,071 per unit, providing investors with a clear path to increase revenue through lease turnover and rent optimization.
Recent Ownership Improvements
Current ownership has completed recent upgrades and improvements, including roof repairs and unit renovations, helping support the property’s current rental performance while reducing near-term ownership concerns.
Value-Add Multifamily Investment Thesis
The investment strategy is centered around acquiring a stabilized, cash-flowing 7-unit asset with upside through rental growth, improved operations, and potential ancillary income.
South Suburban Cook County Location
Located in Calumet City, the property benefits from its position within the broader South Cook County rental market, with access to nearby retail corridors, employment centers, and regional transportation routes.
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