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611 E 151st St 16 Unit Apartment Building $925,000 ($57,813/Unit) 10.03% Cap Rate Phoenix, IL 60426
INVESTMENT HIGHLIGHTS
- Brick & Flexicore Construction
- 10%+ Cap Rate AS-IS
- AHSAP Incentive Program
- Studio & 1 Bedroom Apartments
EXECUTIVE SUMMARY
Real Realty is pleased to present this 16-unit apartment complex located off 151st street in Phoenix, IL. The property is comprised of 16 units, with a mix of 8-studio units and 8 - one-bedroom units. The property is brick and flexicore construction and is heated with 4 newer Peerless hot-water boilers, and sleeve A/C units (tenant provided) cool the apartment in the summer.
Recent improvements to the property include newly painted hallways and carpeting. 11 of the 16 apartments have been fully remodeled. Remodeled apartments are renting for over $150 more than non-renovated apartments.
Due to the AHSAP incentive, the assessed value of this property per the assesor valuation has been reduced from 42,013 to 28,176, which equates to estimated taxes of $29,418 based on the current tax rate and equalization factor.
*Current management company will stay on and manage for a new owner - Call for details.
Recent improvements to the property include newly painted hallways and carpeting. 11 of the 16 apartments have been fully remodeled. Remodeled apartments are renting for over $150 more than non-renovated apartments.
Due to the AHSAP incentive, the assessed value of this property per the assesor valuation has been reduced from 42,013 to 28,176, which equates to estimated taxes of $29,418 based on the current tax rate and equalization factor.
*Current management company will stay on and manage for a new owner - Call for details.
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$182,340
|
$21.71
|
| Other Income |
$1,035
|
$0.12
|
| Vacancy Loss |
$9,117
|
$1.09
|
| Effective Gross Income |
$174,258
|
$20.75
|
| Taxes |
$29,418
|
$3.50
|
| Operating Expenses |
$52,051
|
$6.20
|
| Total Expenses |
$81,469
|
$9.70
|
| Net Operating Income |
$92,789
|
$11.05
|
FINANCIAL SUMMARY (ACTUAL - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $182,340 |
| Annual Per SF | $21.71 |
| Other Income | |
|---|---|
| Annual | $1,035 |
| Annual Per SF | $0.12 |
| Vacancy Loss | |
|---|---|
| Annual | $9,117 |
| Annual Per SF | $1.09 |
| Effective Gross Income | |
|---|---|
| Annual | $174,258 |
| Annual Per SF | $20.75 |
| Taxes | |
|---|---|
| Annual | $29,418 |
| Annual Per SF | $3.50 |
| Operating Expenses | |
|---|---|
| Annual | $52,051 |
| Annual Per SF | $6.20 |
| Total Expenses | |
|---|---|
| Annual | $81,469 |
| Annual Per SF | $9.70 |
| Net Operating Income | |
|---|---|
| Annual | $92,789 |
| Annual Per SF | $11.05 |
PROPERTY FACTS
| Price | $925,000 | Apartment Style | Low-Rise |
| Price Per Unit | $57,813 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.34 AC |
| Cap Rate | 10.03% | Building Size | 8,400 SF |
| Gross Rent Multiplier | 5.07 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1968 |
| Property Subtype | Apartment | Parking Ratio | 2.38/1,000 SF |
| Zoning | R-4 - Medium Density Residential District | ||
| Price | $925,000 |
| Price Per Unit | $57,813 |
| Sale Type | Investment |
| Cap Rate | 10.03% |
| Gross Rent Multiplier | 5.07 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 8,400 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1968 |
| Parking Ratio | 2.38/1,000 SF |
| Zoning | R-4 - Medium Density Residential District |
AMENITIES
SITE AMENITIES
- 24 Hour Access
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 8 | - | - |
| 1+1 | 8 | - | - |
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PROPERTY TAXES
| Parcel Numbers | Total Assessment | $42,013 | |
| Land Assessment | $6,140 | Annual Taxes | $29,418 ($3.50/SF) |
| Improvements Assessment | $35,873 | Tax Year | 2024 Payable 2025 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$6,140
Improvements Assessment
$35,873
Total Assessment
$42,013
Annual Taxes
$29,418 ($3.50/SF)
Tax Year
2024 Payable 2025
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611 E 151st St
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