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3 Flat 2420 Iowa Chi West Town Chicago IL Mu In

City: CHICAGO ZIP: 60622

Built In: 2018

Lot Size: Standard Chicago Lot

Lot Dimensions: 24 X 124.62

Lot Description: Common Grounds,

# of Units: 3

Unit 1 Floor 1: 3 bedrooms 2 baths $3450

Unit 2 Floor 2: 2 bedrooms 2 baths $2595

Unit 3 Floor 3: 2 bedrooms 2 baths $2875

Gross Income $10,704

Net Op. Income $76,688

Detailed Listing Description

New Construction 3 Unit Building- 5.3 Cap Rate. Absolute Turnkey Opportunity in West Town on cusp of Ukrainian Village/Smith Park. Luxury development with carport parking. Three total units; Duplex down 3 Bedroom/2.1 Bath plus second floor 2 Bed/2 Bath and penthouse 2 Bed/2 Bath with Private roof deck. Modern kitchens with Shaker Cabinets, Quartz Countertops, Full Backsplash and Bosch Appliances. Stained Hardwood floors throughout and Spa level Baths with Porcelains, Quartz and Steam Showers with Heated Floors in the Master bathrooms. Rear Decks for Units 1 & 2 and Rooftop Deck for Unit 3 with Storage for the simplex units. Proforma $107,040 in gross rent- perfectly positioned for delivery & rental in the spring market.

Additional Property Details

Garage & Parking
  • ParkingSpace/s,
  • Number of Parking Spaces3
  • Parking on SiteYes
  • Parking OwnershipOwned
  • Parking Fee/Lease Amount0
Utilities
  • Tenant Pays Unit 1Electric, Gas, Heat,
  • Tenant Pays Unit 2Electric, Gas, Heat,
  • Tenant Pays Unit 3Electric, Gas, Heat,
Appliances
  • Appliances Unit 1Stove, Refrigerator, Washer, Dryer, Dishwasher, Microwave, Disposal, Central Air Conditioner, Garage/Space, Hardwood Floors,
  • Appliances Unit 2Stove, Refrigerator, Washer, Dryer, Dishwasher, Microwave, Disposal, Central Air Conditioner, Garage/Space, Hardwood Floors,
  • Appliances Unit 3Stove, Refrigerator, Washer, Dryer, Dishwasher, Microwave, Disposal, Central Air Conditioner, Garage/Space, Hardwood Floors,
Schools
  • Grade SchoolCHOPIN ELEMENTARY SCHOOL
  • Grade School District299
  • Jr High/Middle School District299
  • High School District299

Comparative Data

Zip Code Comparison: 60622

Listings in this Zip Code average: 3 to 4 units, and are priced at $915,555 to $975,918
This listing is 58% more than other 3 unit listings in this zipcode.

Neighborhood Comparison:
CHI - West Town

Listings in this Neighborhood average: 3 to 4 units, with average prices of $873,844 to $1,036,652
This listing is 66% more than other 3 unit listings in this neighborhood.


Calculated Rents
Rental Income : Annual $107,040 Monthly $8,920
Rental Income Stabilized : Annual $95,676 Monthly $7,973
Price Units Price/Unit Cap Rate - Current GRM Cap Rate - Stabilized
$1,449,0003$483,0006.50%13.540.55%
Income
Unit TypeCurrent RateStabilized RateCustom Rate
Monthly Total$8,920$7,973
Year Total$107,040$95,676
Expense
Total$12,791$12,791
Net Operating Income$94,249$82,885
Amount Percent Rate Amortization Principal Interest Total Debit Services Monthly Debit Services Cash Flow Principal Reduction Total Return
Down
Mortgage $17532 $48546 $66078 $5507
Total         $17,532 $48,546 $66,078   $28,171 $17,532 $45,703
Stabilized         $17,532 $48,546 $66,078   $16,807 $17,532 $34,339
Custom         $17532 $48546 $66078   $16807 $17532 $34339




MonthBalancePaymentPrincipalInterestEquityTotal InterestTotal Payments
11,086,7505,5071,4324,0751,4324,0755,507
21,085,3185,5071,4374,0702,8698,14511,014
31,083,8815,5071,4424,0654,31112,21016,521
41,082,4395,5071,4484,0595,75916,26922,028
51,080,9915,5071,4534,0547,21220,32327,535
61,079,5385,5071,4594,0488,67124,37133,042
71,078,0795,5071,4644,04310,13528,41438,549
81,076,6155,5071,4704,03711,60532,45144,056
91,075,1455,5071,4754,03213,08036,48349,563
101,073,6705,5071,4814,02614,56140,50955,070
111,072,1895,5071,4864,02116,04744,53060,577
121,070,7035,5071,4924,01517,53948,54566,084
131,069,2115,5071,4974,01019,03752,55471,591

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Listing Agent: Karen Biazar
Listing Office: North Clybourn Group, Inc.
3105 W. Palmer #3 Chicago

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