4 Story 8-Unit Rental

4 Story 8-Unit Rental

4 Story – 8 Unit Rental

Chicago North

Don’t Buy Multi-Family! BUILD IT

Book Example – Updated – Feb, 8 2022

50′ x 150′ RM-5 Zoned Lot

These larger 3 bedroom units (~ 1700sf) and large duplexes are in demand as rentals.

Value at 4.4 CAP is conservative for a brand new property.

Look at the Equity + Cash Flow projections to see how quickly a project like this builds equity in the first few years of ownership!

22 Palione Pl - Multifamily Property

Status:            Sample Pro Forma

Property Type:        New Residential Rental

Building Size:          16,500 SF

Actual CAP Rate                   5.4%

Document List For Investors

FINANCIAL SUMMARY (PRO FORMA  2022-23)    

3 Story – 2 Duplexed Units – Rental or Condo

3 Story – 2 Duplexed Units – Rental or Condo

3 Story – 2 Duplex Units

Chicago, North

Book Example

These large duplex units are in big demand as rentals and are selling quickly as condos, so for this example, we’ll also take a quick look at possible returns by selling as a condos.

Though developers are building projects like this in Lincoln Park and Lake View, it probably has more appeal for someone who is considering purchasing a home or unit like this in the neighborhood.

Status:            Sample Projections

Property Type:    Condo / Rental

Building Size:   5,000 SF

Units:        2

Document List For Investors

 

2 Duplex Units – Rental Scenario

2 Duplex Units – Condo Sale on Completion

3 Unit Multi Family

3 Unit Multi Family

3 unit – Owner Occupied

Chicago North

Book Example (Updated – Feb 2022)

Classic Chicago Brick 3 unit – 3 Story + Basement stands the test of time and is perfect for owner occupied property.

You’ll note that we are assuming 20% of total costs as initial equity for an owner occupied property. You can also use projected rental income to help qualify for the loan.

Some lenders offer construction loan programs for owner occupied properties that convert to an end loan upon completion.

Look at the Equity and Cash Flow column in the projections to see how quickly you build equity in the first few years of ownership!

22 Palione Pl - Multifamily Property

Status:            Owner Occupied Rental Example

Property Type:        3 Flat

Sub-Type:            Residential Income

Building Size:        5,000 SF 

Actual Cap Rate:            5.01%

Document List For Investors

FINANCIAL SUMMARY – PRO FORMA  2022-23