MULTIFAMILY PROPERTY FOR SALE - LoopNet · Each apartment is a one bedroom one bath apartment. The...

MULTIFAMILYMULTIFAMILYPROPERTY FOR SALEPROPERTY FOR SALE

BRIAN PROPERTIES, INC.BRIAN PROPERTIES, INC.2045 S. Arlington Heights Rd. Suite #100Arlington Heights, IL 60005www.brianproperties.com

MARK MESKAUSKAS, CCIM, CPMMARK MESKAUSKAS, CCIM, CPM(O) 847.640.1500 x116 | (C) [email protected]

712-716 LEE ST, DES PLAINES, IL 60016

THE WRIGHT BUILDING

presented by:

PROPERTY INFORMATION 3

FINANCIAL ANALYSIS 6

LOCATION INFORMATION 10

BrokerO: 847.640.1500 x116C: 847.217.2250E: [email protected]

MARK MESKAUSKAS, CCIM, CPM

TABLE OF CONTENTSTHE WRIGHT BUILDING712-716 LEE ST | DES PLAINES, IL 60016

MARK MESKAUSKAS, CCIM, CPMMARK MESKAUSKAS, CCIM, CPM847.640.1500 [email protected]

22

All materials and information received or derived from Brian Properties, Inc. its directors, officers,agents, advisors, affiliates and/or any third party sources are provided without representation orwarranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack ofcompliance with applicable governmental requirements, developability or suitability, financialperformance of the property, projected financial performance of the property for any party’s intendeduse or any and all other matters.

Neither Brian Properties, Inc. its directors, officers, agents, advisors, or affiliates makes anyrepresentation or warranty, express or implied, as to accuracy or completeness of the any materialsor information provided, derived, or received. Materials and information from any source, whetherwritten or verbal, that may be furnished for review are not a substitute for a party’s active conduct ofits own due diligence to determine these and other matters of significance to such party. BrianProperties, Inc. will not investigate or verify any such matters or conduct due diligence for a partyunless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify allinformation and to conduct their own inspections and investigations including through appropriatethird party independent professionals selected by such party. All financial data should be verified bythe party including by obtaining and reading applicable documents and reports and consultingappropriate independent professionals. Brian Properties, Inc. makes no warranties and/orrepresentations regarding the veracity, completeness, or relevance of any financial data orassumptions. Brian Properties, Inc. does not serve as a financial advisor to any party regarding anyproposed transaction. All data and assumptions regarding financial performance, including that usedfor financial modeling purposes, may differ from actual data or performance. Any estimates ofmarket rents and/or projected rents that may be provided to a party do not necessarily mean thatrents can be established at or increased to that level. Parties must evaluate any applicablecontractual and governmental limitations as well as market conditions,vacancy factors and otherissues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should bediscussed by the party with a certified public accountant or tax attorney. Title questions should bediscussed by the party with a title officer or attorney. Questions regarding the condition of theproperty and whether the property complies with applicable governmental requirements should bediscussed by the party with appropriate engineers, architects, contractors, other consultants andgovernmental agencies. All properties and services are marketed by Brian Properties, Inc. incompliance with all applicable fair housing and equal opportunity laws.

C O N T E N T S C O N F I D E N T I A L I T Y & D I S C L A I M E R

PROPERTYINFORMATION


SECTION 1SECTION 1



44

SALE PRICESALE PRICE $1,395,000$1,395,000

OFFERING SUMMARYOFFERING SUMMARY

Number Of Units: 10

Cap Rate: 7.18%

NOI: $100,206

Lot Size: 0.09 Acres

Building Size: 8,800 SF

Renovated: 2017

Market: Chicago

Price / SF: $158.52

PROPERTY OVERVIEWPROPERTY OVERVIEWBrian Properties, Inc. is pleased to present the Wright building for sale in downtownDes Plaines, IL. The building consists of two commercial tenants on the first floorwith eight market rate apartments on the second and third floors. Each apartment isa one bedroom one bath apartment. The units on the south side of the buildings allfeature balconies. This is a an outstanding opportunity to own a well maintained easyto rent building in the heart of Des Plaines.

LOCATION OVERVIEWLOCATION OVERVIEWThe property is located in downtown Des Plaines at the northwest corner of Lee St. &Prairie. The property is walking distance to the Des Plaines Metra train station.

PROPERTY HIGHLIGHTSPROPERTY HIGHLIGHTS• Eight 1 bedroom/1 bath apartments -- 3 each on second and third floors

• Two long term commercial tenats on first floor with significant improvementsmade to each unit in 2017

• Most apartments updated but still upside to raise rents

• Walking Distance to Metra Station and downtown Des Plaines

• Complete roof tear off in 2017

• New windows in all units in 2017

• Building tuckpointed in 2017

• Steam boiler heats building

EXECUTIVE SUMMARYTHE WRIGHT BUILDING712-716 LEE ST | DES PLAINES, IL 60016


55

ADDITIONAL PHOTOSTHE WRIGHT BUILDING712-716 LEE ST | DES PLAINES, IL 60016

FINANCIALANALYSIS


SECTION 2SECTION 2



77

INVESTMENT OVERVIEWINVESTMENT OVERVIEW ACTUAL INCOME EXPENSEACTUAL INCOME EXPENSE PROFORMA INCOME EXPENSEPROFORMA INCOME EXPENSE

Price $1,395,000 $1,395,000

Price per Unit $139,500 $139,500

GRM 9.6 9.6

CAP Rate 7.2% 7.8%

Cash-on-Cash Return (yr 1) 11.6 % 14.82 %

Total Return (yr 1) $50,354 $59,354

Debt Coverage Ratio 1.48 1.61

OPERATING DATAOPERATING DATA ACTUAL INCOME EXPENSEACTUAL INCOME EXPENSE PROFORMA INCOME EXPENSEPROFORMA INCOME EXPENSE

Gross Scheduled Income $145,608 $145,608

Other Income $6,720 $6,720

Total Scheduled Income $152,328 $152,328

Vacancy Cost $7,616 $7,616

Gross Income $154,216 $163,216

Operating Expenses $54,010 $54,010

Net Operating Income $100,206 $109,206

Pre-Tax Cash Flow $32,351 $41,351

FINANCING DATAFINANCING DATA ACTUAL INCOME EXPENSEACTUAL INCOME EXPENSE PROFORMA INCOME EXPENSEPROFORMA INCOME EXPENSE

Down Payment $279,000 $279,000

Loan Amount $1,116,000 $1,116,000

Debt Service $67,855 $67,855

Debt Service Monthly $5,654 $5,654

Principal Reduction (yr 1) $18,003 $18,003

FINANCIAL SUMMARYTHE WRIGHT BUILDING712-716 LEE ST | DES PLAINES, IL 60016


88

UNITUNITNUMBERNUMBER

UNITUNITBEDBED

UNITUNITBATHBATH

UNITUNITSIZE (SF)SIZE (SF)

LEASELEASESTARTSTART

LEASELEASEENDEND

CURRENTCURRENTRENTRENT

CURRENTCURRENTRENT (PER SF)RENT (PER SF)

MARKETMARKETRENTRENT

MARKETMARKETRENT/SFRENT/SF

SECURITYSECURITYDEPOSITDEPOSIT

1 1 1 700 6/1/17 6/30/18 $950 $1.36 $1,000 $1.43 $950

2 1 1 700 8/1/15 4/30/18 $850 $1.21 $1,000 $1.43 $775

3 1 1 700 8/1/12 6/30/18 $850 $1.21 $1,000 $1.43 $725

4 1 1 700 4/1/10 5/31/18 $950 $1.36 $1,000 $1.43 $725

5 1 1 700 11/1/14 12/31/17 $900 $1.29 $1,000 $1.43 $800

6 1 1 700 10/15/15 12/31/17 $850 $1.21 $1,000 $1.43 $0

7 1 1 700 4/1/17 3/31/18 $950 $1.36 $1,000 $1.43 $950

8 1 1 700 6/1/16 5/31/18 $950 $1.36 $1,000 $1.43 $845

712 1,480 4/1/01 10/31/21 $2,668 $1.80 $2,668 $1.80 $1,800

716 1,650 4/1/99 5/31/24 $2,216 $1.34 $2,216 $1.34 $1,830

Totals/Averages 8,730 $12,134 $1.39 $12,884 $1.46 $9,400

RENT ROLLTHE WRIGHT BUILDING712-716 LEE ST | DES PLAINES, IL 60016


99

INCOME SUMMARYINCOME SUMMARY ACTUAL INCOME EXPENSEACTUAL INCOME EXPENSE PROFORMA INCOME EXPENSEPROFORMA INCOME EXPENSE

Rental Income $145,608 -Estimated CAM Charges $6,720 $6,720CAM & Real Estate Tax Recovery $1,288 $1,288Laundry $600 $600Market Rental Income - $154,608

Gross Income $154,216 $163,216

EXPENSE SUMMARYEXPENSE SUMMARY ACTUAL INCOME EXPENSEACTUAL INCOME EXPENSE PROFORMA INCOME EXPENSEPROFORMA INCOME EXPENSE

Garbage Removal $480 $480Office Cleaning $4,560 $4,560Supplies $1,000 $1,000Snow Removal $100 $100Fire Extingusher Maintenace $475 $475Electric $855 $855Gas $5,025 $5,025Water & Sewer $2,100 $2,100Insurance $6,355 $6,355Real Estate Taxes $20,444 $20,444General Maintenance $5,000 $5,000Management Fee @ 5% $7,616 $7,616

Gross Expenses $54,010 $54,010

Net Operating Income $100,206 $109,206

INCOME & EXPENSESTHE WRIGHT BUILDING712-716 LEE ST | DES PLAINES, IL 60016

LOCATIONINFORMATION


SECTION 3SECTION 3



1111

The Wright Building

REGIONAL MAPTHE WRIGHT BUILDING712-716 LEE ST | DES PLAINES, IL 60016


1212

LOCATION MAPSTHE WRIGHT BUILDING712-716 LEE ST | DES PLAINES, IL 60016


1313

The Wright Building

AERIAL MAPTHE WRIGHT BUILDING712-716 LEE ST | DES PLAINES, IL 60016


1414

SITE PLANTHE WRIGHT BUILDING712-716 LEE ST | DES PLAINES, IL 60016

The information furnished herein is from sources deemed reliable and is subjectto inspection and verification by all parties relying on it. No liability for its

accuracy, errors, or omissions is assumed by Brian Properties, Inc. Price issubject to change listing may be withdrawn without notice.


MULTIFAMILY PROPERTY FOR SALE - LoopNet · Each apartment is a one bedroom one bath apartment. The...

Documents

Transcript of MULTIFAMILY PROPERTY FOR SALE - LoopNet · Each apartment is a one bedroom one bath apartment. The...