3 contiguous buildings and parking lots make up 16 Apartment Units 8 Commercial Retail Units and a 21,000 SF Retail Buil

Description:

Currently 100% occupied at a 7.2% CAP Rate
NOI: $352,497.49
Gross Income: $538,080
Expenses: $185,582.51
(utilities: $16,310)
(Taxes: $142,261.55)
(Insurance: $21,528.14)
(Legal/Accounting: $5,482.82)
Income Breakdown:
16 apartments: $144,780 [estimated fair rent value $216,000 (w/ 1bed @1,000/mo and 2Bed @$1,250/mo]
8 retail storefronts: $201,300 [estimated fair rent value $246,884]
21K SF store: $192,000 [seller is the owner operator, lease until 11/31/2024]


The subject is along Lawrence Avenue in the Village of Norridge, Illinois, a near northwest
suburb of the City of Chicago about 12 miles from downtown Chicago. The Lawrence Avenue
corridor is mixed, with a substantial residential component including single family homes and
apartments, and more limited retail including a mixed-use property next door east and a Dunkin
Donuts to the west. Traffic flow is around 21,000 vehicles per 24 hour period. The Village
comprehensive plan calls for Mixed-Use Corridor Commercial along Lawrence Avenue.