Fully Occupied Updated 14 Unit Multifamily Offering 13024-13034 Honore Blue Island IL

13024-13034 Honore

13024-13034 Honore St Blue Island, IL 60406

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property details

Price:              $1,050,000

Units:             14

SF:                  9,722

Built/Reno:  1964 / 2018

Occupancy:                  100%

NOI:                                $75,307

Cap Rate:                       7.17%

Cash-on-Cash:              10.37%

Investment Highlights

  • Fully-Occupied 14-Unit Multifamily Offering
  • 11 of 14 Units Fully Updated Including Granite and Stainless
  • Very Well Maintained and Operated with Good Collection History
  • Upside in Rents Ranging from $50-$150 Per Unit

Investment Overview

Marcus & Millichap is pleased to present to market a well-maintained, fully-occupied, and updated 14-unit multifamily offering in Blue Island, Illinois, a southern suburb of Chicago. The offering consists of an adjacent eight-unit and six-unit multifamily property with a total of eight one-bedroom one-bathroom units and six two-bedroom one-bathroom units.

13024 Honore is a three-story six-unit interior corridor building with four one-bedroom units and two two-bedroom units with a ground-level utility room that houses a central boiler, hot water tank, tenant storage, and shared laundry room between the two buildings. Three of the six units have recently updated kitchens and bathrooms including granite counter-tops. All units are well maintained and in good, rentable condition.

13034 Honore is a two-story California-style building with four spacious two-bedroom one-bathroom end units, two of which have a sought-after balcony or patio and four one-bedroom one-bathroom units each of which has a separate dining area. Each unit has been fully renovated with attractive dark cherry finished cabinetry, granite countertops, stainless appliances, and durable woodgrain luxury vinyl plank flooring.

The property is very well run with an excellent collection history. Each tenant is thoroughly screened and well documented with written lease agreements. There is market-supported upside in rents ranging from $50-$150 per unit; many through simple renewal increases in 11 recently updated units and updating of three units as these long-term tenants units are eventually turned or renewed if they would like updated units at a higher rent. All leases were originally one-year lease terms that are
currently month-to-month to provide a buyer the flexibility to renew or re-tenant at higher rental rates.

The property is located approximately 16 miles south of Chicago’s Loop, minutes from Interstate 57, Blue Island Vermont Street train station, and the Vermont and Division Street bus station.

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