12 Unit Apartment Building | 501 Joliet St
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12 Unit Apartment Building 501 Joliet St
12 Unit Block of Flats £744,135 (£62,011/Unit) 10.72% Net Initial Yield La Salle, IL 61301
Investment Highlights
- 12 Unit Building. All two bedrooms. Projected NOI is $101,813 after last four units are renovated ($8k each). At 8% cap rate, value is $1,272,660
- Renovated units rent for $950 per month. One parking space per unit. Onsite laundry and storage.
- Well constructed 12 unit apartment building in a very tight rental market.
- Call Kennedy Carey at 815-830-3359 or John O'Malley at 312-804-1504 to view property. Flat commission offered of $10,000.
Executive Summary
12 two-bedroom unit apartment building. Building fully leased and stays fully leased in this very tight apartment market, especially at the rent price point. Projected NOI is $101,813 when all 12 units are renovated. Currently, 8 units have been renovated (at a cost of ~$8k per unit) and four units are non-renovated. The rent for the non-renovated units will increase to a minimum of $950 as each unit turns over and gets renovated. At full occupancy and full renovation, an 8% proforma cap rate will yield $1.272 million. Commission to cooperating broker is a flat $10,000 fee.
Data Room Click Here to Access
- Miscellaneous
Financial Summary (Pro forma - 2023) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2023) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | £744,135 | Apartment Style | Low Rise |
| Price Per Unit | £62,011 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.41 AC |
| Net Initial Yield | 10.72% | Building Size | 11,631 SF |
| Gross Rent Multiplier | 9.08 | Average Occupancy | 100% |
| No. Units | 12 | Number of Floors | 3 |
| Property Type | Residential | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 1.03/1,000 SF |
| Price | £744,135 |
| Price Per Unit | £62,011 |
| Sale Type | Investment |
| Net Initial Yield | 10.72% |
| Gross Rent Multiplier | 9.08 |
| No. Units | 12 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.41 AC |
| Building Size | 11,631 SF |
| Average Occupancy | 100% |
| Number of Floors | 3 |
| Year Built | 1970 |
| Parking Ratio | 1.03/1,000 SF |
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1 | 12 | £646.22 | 750 |
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Walk Score ®
Very Walkable (74)
PROPERTY TAXES
| Parcel Number | 18-15-231008 | Total Assessment | £124,153 |
| Land Assessment | £15,623 | Annual Taxes | -£1 (£0.00/sf) |
| Improvements Assessment | £108,530 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
18-15-231008
Land Assessment
£15,623
Improvements Assessment
£108,530
Total Assessment
£124,153
Annual Taxes
-£1 (£0.00/sf)
Tax Year
2023
zoning
| Zoning Code | B-1 (Residential neighborhood, retail and schools nearby, next to downtown LaSalle.) |
| B-1 (Residential neighborhood, retail and schools nearby, next to downtown LaSalle.) |
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12 Unit Apartment Building | 501 Joliet St
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