3631 147th Street
Solid 6 Unit Building - Collect $7,850/m!
Marketing description
6-Unit Value-Add | Midlothian, IL | 7.0% Current Cap Rate → 7.82% Pro Forma
The Opportunity
Brick multifamily generating steady cash flow with immediate upside. Unit 5 is underrented at $880/mo—market comps validate $1,350/mo (2BR/1BA). Bump that one unit to market rate = +$470/mo, +$5,376/year in additional NOI. Simple, execution-ready value play.
Unit Mix
5 x 2BR/1BA | 1 x 1BR/1BA | All move-in ready
Current Income & NOI
- Gross: $7,330/mo ($88k annual)
- NOI: $46,000 annual (7.0% cap @ $660k)
- Net Monthly (after all opex): $3,792
Pro Forma (Unit 5 at Market)
- Gross: $7,850/mo ($94.5k annual)
- NOI: $51,600 annual (7.82% cap)
- Net Monthly: $4,189
- Additional annual cash flow: +$4,764
Why Now
Comparable 2BR units in Midlothian are generating 90–213 tenant contacts on Zillow. Your $1,350 rent is validated. Quick occupancy at market rate.
Property Condition
✓ Renovated kitchens with modern appliances & vinyl plank flooring
✓ Updated bathrooms with shower enclosures
✓ Fresh paint, excellent lighting, ample closet storage
✓ Solid brick construction, well-maintained grounds
✓ Minimal deferred maintenance | Roof ~10 years | Boiler 30 years (5–10 years remaining service life)
Owner-Paid Operating Expenses
Utilities ~$820 | Property Tax ~$1,364 | Management 8% | Maintenance 5% | Vacancy 5%
Price: $660,000 | Current Cap: 7.0% | Pro Forma Cap: 7.82%
Investment highlights
Fantastic Investment Opportunity with Value-Add Potential! Discover this well-maintained 6-unit all-brick building offering strong cash flow and excellent value-add potential! The property features five occupied 2-bed/1-bath units and one vacant 1-bed/1-bath unit, providing a perfect opportunity for renovations, and owner-occupant option. Tenants enjoy the convenience of rear parking, with additional spaces available in the front, ensuring ample accommodation for all. Situated in a highly desirable area, the building is just minutes from the Metra station, shopping centers, restaurants, and everyday conveniences. This is a prime location with proven income and room to grow
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