Ray McDevitt
- Buy
- Sell
https://www.ruhlmortgage.com/ChrisSchneider.html
Description
Attention Investors And Owner-Occupants! This Is A Solid Brick Legal 4-Unit Plus An Additional Garden Apartment On A Double Lot In Harvey. The Unit Mix Includes Three 2-Bedroom And Two 1-Bedroom Apartments. The Roof Is Approximately 10 Years Old, And The Brick Is Solid And In Good Shape. The Building Is All Electric, With 5 Separate Electric Meters And 5 Separate Water Heaters. Tenants Pay Their Own Electric, So Landlord Utility Costs Stay Low. There Is Dedicated Basement Space With Storage Lockers For Tenants, Plus Parking For 4-5 Cars In The Back. Two Units Are Currently Leased At $900 And $1,000 Per Month. Two Units Are Vacant And Ready For New Tenants: The Garden Unit, Previously Leased At $1,400/Month, And A Unit With Market Rent Of Approximately $950/Month. One Additional Unit Can Be Delivered Vacant Before Closing. Perfect Rent Hack Opportunity: Live In One Unit And Let The Rent From The Others Pay Your Mortgage! At Full Occupancy, Projected Gross Income Is Approximately $5,100/Month ($61,200/Year), For A Projected 15.7% Cap Rate And A Projected 33.6% Cash-On-Cash Return (Based On 25% Down At 7.5% Interest). This Is A True Value-Add Opportunity To Stabilize The Building And Grow Your Cash Flow. Rent Roll And Expense Estimates Available Upon Request. Sold Strictly As-Is. Bring Your Investors And Your Vision!
Property Highlights
Property Type: Multi Unit - Multiple
General Information
Bedrooms: 8
Bathrooms: 5
County: Cook
Listed By:
eXp Realty - Chicago North Ave
888-574-9405
MRED MLS
MLS ID: 12800046
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273 E 148th Street, Harvey, IL 60426.
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563-441-1862
toll free 866-441-1862
Customize Your Rate
| Loan Type | 30 Year Fixed | FHA 30 Year Fixed | 15 Year Fixed |
| Purchase Price | $225,000 | $225,000 | $225,000 |
| Down Payment | $45,000 | $7,875 | $56,250 |
| Monthly Mortgage Amount | $1,182 | $1,433 | $1,447 |
| Taxes | $313 | $313 | $313 |
| Insurance | $100 | $100 | $100 |
| HOA/Dues/Fees | $0 | $0 | $0 |
| Monthly Mortage Insurance | $0 | $99 | $0 |
| Monthly Estimated Total | $1,595 | $1,945 | $1,860 |
Ray McDevitt
REALTOR®
Office: (563) 441-5228
Cell: (563) 940-0754
Licensed in IA & IL
Bettendorf Office
1228 Middle Road
Bettendorf, IA 52722
(563) 441-5000
Bettendorf, IA 52722
(563) 441-5000
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