11902 Longwood Dr | Blue Island, IL 60406
Yr Built: 1961
Gross Inc $45,420
Underwritten NOI: $19,147
Cap Rate/Proforma: 6.18%/8.44%
- Fully Occupied 5-Unit Multifamily Property
- Long-Term Tenancy, Written Leases, and Strong Collections
- New Roof, Gutters, Boiler, and Windows
- Value-Add Opportunity
Marcus & Millichap is pleased to present to market this fully-occupied, 5-unit value-add multifamily offering in Blue Island, Illinois, a southern suburb of Chicago. The property consists of four one-bedroom one-bath units and one two-bedroom one-bath unit. Amenities include off-street parking, storage units, and on-site laundry.
Recent improvements to the property include a new flat membrane roof, gutters, boiler, and vinyl windows limiting exposure to large capital expenditures and reducing utility costs improving net operating income.
Each unit has an annual written lease with long-term stable tenancy and a history of timely rental payments. As of the drafting of this offering memo, per the landlord, all tenants are current on their rent.
This value-add multifamily offering provides an investor the upside opportunity to increase current below-market rents conservatively $125 per month with modest unit renovations.
The property is located approximately 16 miles south of Chicago’s Loop, two blocks from the 119th Street Metra station, the 119th Street and Vincennes Road bus stop, and two minutes from Interstate 57.