273 E 148th Street Harvey, IL 60426 • Multi Unit - Multiple • Price Change $200,000

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 17.7% Cap Rate And A Projected 40.6% 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. The Property Is Located In A Census Tract That Appears Eligible For The Wells Fargo Homebuyer Access Grant. Qualified Buyers May Receive A $10,000 Grant Toward Their Down Payment. The Grant May Also Be Combined With The Dream. Plan. Home. Closing Cost Credit Of Up To $5,000, Potentially Providing An Eligible Buyer With Up To $15,000 In Combined Down Payment And Closing Cost Support. Rent Roll And Expense Estimates Available Upon Request. Sold Strictly As-Is. Bring Your Investors And Your Vision!

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