For Sale Commercial Building! 5 units all 3 bedroom units .and 4 Store Fronts. in Bloomington, Illinois For Sale
WOW 5 units all 3 bedroom units .and 4 Store Fronts. Now this is a super cash flow deal available for you.
15,000 Down you own 50 percent of the property. The owners are looking this to be hands off investment for them. All units need work. Each unit needs 7,000 to 11,000 to get rentable. Dont pass this opportunity to buy in a up and coming neighbhorhood. Blocks away are newly constructed buildings and a new school. There are Violations on the back porch and exterior of the building.
Repairs
Each unit is 3 bedrooms 1,000 to 1,200 square fee
Flooring 2,000
Drywall/Paint 2,000
Kitchen 4,000
Bathroom 3,000
Total estimate for repairs of each unit $11,000
Each store front is 900 square feet
Flooring $2,000
Drywall/Paint $2,000
Bathrooms $3,000
Total estimate repair store fronts $7,000 each unit
Total to rehab 4 store frons $28,000
Total to rehab apartments $43,000
Roof is leaking $5,000
Back porch needs work $5,000
Total work needed $81,000
The Numbers
Fix and flip :
Purchase price $15,000
Closing costs $2,000
Fix up $81,000
Holding costs $12,600
Realtor fees $16,800 (6 percent)
Resale Price $280,000
Net Profit $153,000 50 percent ownership 76,500 profit.
Buy and Hold
Purchase 15,000
Closing costs $ 2,000
Fix up $81,000
Rent $9,100 per month
Net Operating Income $6,500 per month 78,000 per year 50 percent owner ship 39,000 per year cashflow.
Cash on cash return 80 percent
Comparables:
xxxx W Polk st sold 6/7/xxxx for 385,000
xxxx W Polk St sold 5/16/xxxx for 156,000
xxxx W Lexington sold 5/3/xxxx for 322,000
xxxx S Wahtenaw sold on 7/24/xxxx for 255,000
Estimated Value After Repair Value 279,000
Buying for Pennies on the dollar.
Please do your own due diligence.
Proof of Funds required for viewing.
Non refundable 2,000 earnest money required
More details and photos at http://chicagoownahome.com/property.cfm?property_id=xxxx9
Commercial properties in Illinois for sale
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