Hello everyone.
I am looking for fully rented multi-family properties
with 6 or more units in the Chicago area.
I am working with qualified buyers, and I want to
broker some deals.
If you have something, please e-mail the details to mark@markkillion.com
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
Chicago Multi-Family Apartment Building Analysis 2012
Let’s take a quick look at the sales for multi-family
properties in 2012. Multi-family properties have 5 or
more units. The demand for this property type has increased
over the last few years.
Rental demand is strong in Chicago and rents are increasing
about 3% to 5% annually in many areas.
This analysis is based on multi-family sales for the period
Jan 1st 2012 through Dec 20th 2012.
Here are some key metrics:
* Total properties sold: 233
* Average Selling Price: $479,480
* Average # of Units per property: 8.66
* Average Cap Rate: 10.26%
* Average Cost Per Unit: $55,367
* Average Gross Rent Multiplier: About 6
Hopefully, you found this information useful. I believe that this sector will
experience steady growth for at least the next 5 years.
If you have any questions about buying or selling multi-family apartment buildings
in Chicago, please send an e-mail to mark@markkillion.com
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
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Multi Unit Property in Chicago’s South Shore neighborhood.
I recently met a local commercial banker that offers financing
for Multi-Unit properties! This would be ideal for multi family properties
with 6 or more units. The loan amount minimum would be about $300,000.
The buyer would usually have to put down 25%.
Since I have access to investment properties with high yields,
this is a valuable resource. If you are looking for financing for
your next aquisition, I can put you in contact with this lender.
In return, I would like to submit the offer and represent you as a
buyer’s agent in the transaction.
Below is the information he sent me regarding the requirements:
——————————————————————————
Below is a list of the items that we would be looking for in
order to do some preliminary due diligence of the Borrower:
* Copy of the Purchase Contact (if applicable)
* Personal financial statement, with detailed schedules
of cash holdings, marketable securities, real estate holdings,
personal property of significant value, and all debts and obligations.
* Please identify all creditors in this schedule.
In your personal statement, please identify your investment properties,
and for those properties please identify gross rents, operating expenses,
and debt service for 2011 (or attach an REO spreadsheet)
* Recent bank statements supporting your stated liquidity
* 2010 and 2011 Corporate tax returns (if applicable)
* 2010 and 2011 personal tax return with all supporting schedules
* 2010 and 2011 operating statements/building statement for each investment owned
* Copy of Lease Agreement(s)
* Evidence of Insurance
* Corporate Documents (if applicable)
The Bank does finance both single family and multi family investment properties.
If the property has less than 4 units, we then like to bundle a couple of smaller
properties in order to get to the mass that we are looking for but there are
always exceptionS. We are looking for at least some sort of experience
managing/owning properties.
Though we don’t have a minimum loan size, it is somewhat cost prohibitive to do
deals under $200,000. 1-4 unit properties will have a shorter amortization –
15 to 20 years with a loan term of 5 years (fixed rates are currently in the
mid 5s but always negotiable). 4+ units would have an amortization of 20-25
years with the same 5 year fixed rates. Loan to value is typically 75% but
we have done 80% deals. We also have line of credit for investors looking to
buy properties with a short notice – I can provide you more details on that
if you have interested customers
——————————
For more information on multi-family investment properties in the Chicago area,
please send an e-mail to mark@markkillion.com
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
Kenwood Chicago - Apartment Building - Income Analysis
This property caught my attention. It is a large courtyard building for sale in
Chicago’s historic Kenwood neighborhood. It is located at 4408 S Drexel Blvd.
This property is currently listed by:
Kandice Robins with Robins Realty, LLC.
I decided to do a quick analysis of this property for all the investors out there.
I think this property is a good buy. So, if you are an investor and you deal
with large multi-family properties, I can assist you with buying this money maker.
ANALYSIS
This property has 49 units. Most of the units are 1 bedrooms. The mix is as follows:
1 bedroom units: 33
2 bedroom units: 06
Studio units: 10
The building is 92% rented. There are only 4 or 5 vacant units.
The rental demand in the Kenwood neighborhood is very strong.
So it should be relatively easy to fill the vacancies.
KEY NUMBERS:
* Asking Price: $2,500,000
* Annual Gross Income: $438,132
* Estimated Annual Expenses: $206,081
* Net Operating Income: $232,051
* Cap Rate: 9.28%
For more detail, please review the image below. The expenses are based on
conservative assumptions. These expense estimates are higher, and more conservative,
than what appears on the actual MLS listing.
Also, the listing mentioned that the Real Estate taxes are currently being
disputed. So it is possible that the Cap Rate may increase if the taxes
are successfully reduced.
Kenwood Chicago - Apartment Building - Income Analysis
As you can see, even with the more conservative numbers, the property appears
to be a solid deal. Of course, you can adjust the purchase price to get the cap rate
that you need. Due to the strong rental demand in the area, I think that if you
could get this property for a cap rate of 10, then this would be a great addition
to your portfolio.
For more information on multi-family investment properties in the Kenwood Chicago area,
please send an e-mail to mark@markkillion.com
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
Bronzeville Condo Price Trend Analysis
The chart pictured above shows the price trend for Bronzeville condos.
It is based on average selling prices per quarter in 2011 and 2012.
It appears that selling prices may finally be stabilizing in the Bronzeville (Grand Boulevard) neighborhood.
The average 3 bedroom condo is selling for roughly $84,000.
The average 2 bedroom condo is selling for roughly $36,000.
The average market time for 2 bedroom condos is 97 days.
The average market time for 3 bedroom condos is 138 days.
If you have any questions about condo values in the Bronzeville
area, please send me an e-mail to: mark@markkillion.com
Until the next time,
Mark Killion
RE/MAX Premier Properties
1205 N Dearborn
Chicago, IL 60610
Visit me online: www.773property.com
EQUAL HOUSING OPPORTUNITY
Bronzeville's Preferred Real Estate Agent
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
A view of Lake Shore drive from 31st Street
Lake Shore Drive
Newport Condos in Kenwood
Newport Condos - Kenwood Chicago
The Newport Condos complex in Kenwood is one of my favorites.
The high rise towers sit right across from the beautiful Lake.
The north building has unobstructed views of the famous Chicago
skyline. The south building also has great views of the lakefront.
Real estate values at the Newport Condos have been hit hard by the
Great Recession. Many units have been sold due to foreclosure.
This has caused selling prices to drop consistently over the last few years.
But, on the flip side, if you are a buyer, this is a great time to pick up
a condo in an excellent location with awesome lake views. This is a full
amenity building. The building was constructed in 1963. It sits near 48th
and Lake Shore Drive. Each tower has 27 floors. All together, there are 728
condos at this complex.
REAL ESTATE VALUES
During the 24 month period ending NOV 11 2012, a total of 17 condos were sold.
Selling prices ranged from $33,500 all the way up to $205,000. The only downside
with this building is the high assessments. It is not uncommon for 2bed/2bath unit
owners to pay $700 per month on assessments. The assessments usually include
Parking, Security, Doorman, TV/Cable, and Landscaping.
But, even with the high assessments, I feel that units in this building are under valued.
You really can’t put a price on panoramic views of the lakefront and skyline.
If you are thinking about buying or selling in the Newport Condos Complex,
please contact me. I would be happy to assist you!
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
I drove by this house yesterday on the way to take pictures
of another property. It was near 73rd and Maryland.
Something tells me that Halloween is this
owner’s favorite time of year. Wow!
A Halloween House on Chicago's South side
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
JACKSON PARK HIGHLANDS (CHICAGO)
A Jackson Park Highlands block in early Autumn
The Jackson Park Highlands District is a historic district
in the South Shore community area of Chicago, Illinois.
The district was built in 1905 by various architects.
It was designated a Chicago Landmark on October 25, 1989.
It is often regarded as one of three South Side
upper-middle to upper-class neighborhoods, the other two
being Hyde Park to the direct north and Beverly, a little
ways southwest.
Boundaries
The neighborhood is roughly bounded by East 67th Street to
the north, East 71st Street to the south, Cregier
(Named for former Chicago mayor) to the west and Euclid
(named for the famed mathematician) to the east.
Directly north of the neighborhood lies the 18-hole Jackson
Park Golf Course, a part of the Chicago Park District’s
Jackson Park, the third largest park in the city and home
of the 1893 Columbian World Exposition.
To the south lies the former Illinois Central Railroad tracks,
now operated by Metra rail’s Electric Line of trains. To the
east lies Jeffrey Boulevard and across that is the larger
neighborhood of South Shore.
HISTORY
The neighborhood was commissioned in the early 20th century.
Its initial purpose was as a collection of model homes that
would overlook the prized Jackson Park, which had hosted the
World’s Fair less than a decade prior. The neighborhood
featured (and is still present) some of the most innovative
concepts of the time, including large front yard setbacks,
50-foot lot widths, underground utilities, and no alleys.
When Chicago annexed Hyde Park just in time for the 1890 census
(to beat out Philadelphia as the second largest metro-area in
the nation), the Highlands were left under governorship of the
South Shore area.
At the time of the Second World War, the neighborhood saw huge
loss in residence and a destruction of the area was suggested.
With the arrival of the 1970s, the neighborhood again began
to rise as a major thoroughfare of South Side luxury.
It was designated a Chicago Landmark on October 25, 1989.
Houses now range from the $200,00 mark upwards to about $1.5 million.
REAL ESTATE VALUES IN JACKSON PARK HIGHLANDS (CHICAGO)
As of October 19, 2012 there are 8 single family homes on the market
in the Jackson Park Highlands neighborhood. The median asking price
is about $375,000. The asking prices range from $240,000 all the way
up to $1.5 million. The average asking price per square foot is about $166.
JACKSON PARK HIGHLANDS MAP
Jackson Park Highlands - Chicago - Map
If you have any questions regarding real estate in the Jackson Park Highlands,
please let me know!
Until the next time…
Mark Killion, REALTOR
Keller Williams Realty,
Chicago Consulting Group
716 East 47th St – Chicago, IL 60653
24 Hour Voice Mail: 312-242-1822
Website: www.773property.com
EQUAL HOUSING OPPORTUNITY
Some of the above information was taken from
the Wikipedia page on Jackson Park Highlands.
For the original Wikipedia article, visit:
http://en.wikipedia.org/wiki/Jackson_Park_Highlands_District
Until the next time,
Mark Killion
Real Estate Broker
Century 21 Affiliated
5200 S. Harper Ave
Chicago, IL 60615
24 Hour Voice Mail: 312-242-1822
Send me a note!
Visit me online: www.773property.com
