Chicago Heights Illinois
65 W. 23rd Street
Gross rents $28,740 per year, Gross bills $4,880 per year, income less debt service $23,860 per year, Cap Rate 17.7%. Property has new roof last year, covered deck in the rear, 8x10 shed in back, all apartments are rented and updated, off street parking, appliances in all units, tenants pay gas and electric, fireplace/grill off deck made of brick, garden in the rear, Asking $134,900. (3) 1/1 and (1) 2/1.5
77 West 23rd Street
Gross rents $26,940 per year, gross bills $8,180 per year, income less debt service $18,760 per year, Cap Rate 14.44%. There is a 2 car garage in the rear not used or rented, two tenants pay electric and two I pay electric, I pay the gas for the building, Handy man lives in one unit (cheap labor), new sewer line this year, Building built in 1886, DRY stone wall foundation in the basement. Asking $129,900. (3) 1/1 and (1) studio. All apartments have appliances.
Will sell seperately or together. Both properties have a full basement, off street parking, nice yards in a quite area. These are excellent rental properties. I have had them for over four years now. The reason I am selling is because we will be moving in the spring to the summer. The handy man takes care of both buildings and can also be a property manager if you need him to be. All apartments are fully rented with some long term tenants. Make an offer
1 East 23rd Street
Gross rents per year $38,400. One 3/2 $850.00/month (2nd floor), one 3/1 $850.00/month (first floor), one 2/1 $750/month (second floor), one store $750/month (currently a hair salon on the first floor).
Expences per year: Gas and electric the tentants pay, Garbage $600, Water $1,200, Taxes $6,000, insurance $1,200 Total $9,000 per year. NOI=$29,400. 10.9% cap. rate.
This building has been totally remodeled in 2001. It is approximately 5,000 square feet, 2 story building. Newer apliances, cabinets, and equipment. Large commercial property. Full basement. Tenants pay gas and electric. All units have their own hot water tank, furnace, and central air conditioning. Their is ample off-street parking. Two of the apartment units are currently not occupied (two three bedrooms). Excellent opportunity to get your own tenants in their. Asking price is $269,900. Will consider seller financing with 20% down, 40 year amortization at 6% interest with a 24 month balloon. The building will more than likely appraise over $300,000.
MAKE AN OFFER!
Patrick M. Cripe
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