100428 . 34 Home SFR Chicago IL
100428 . 34 Home SFR Chicago IL, Chicago Metro, Illinois 60409
For more info visit www.SFRhub.com and search for portfolio 100428!
Chicago, the 3rd largest city in the US, is one of the nation’s 12 largest metropolitan statistical areas. More specifically, Calumet City, an area settled in the bustling southeast Chicago metro, is home to a staggering 58% growth in the past 5 years, proving to be a strongly appreciated market where this portfolio is located.
Scattered throughout this high-growth metro, these 34 detached single-family properties are currently leased up with a 100% occupancy rate, and the portfolio offers the value-add opportunity to raise rents almost 20% to market rates. The majority of homes were constructed in the 1950s and 1960s, and have all been fully remodeled between 2010 and 2013 with durable, high-quality improvements. Many of the homes have brand new roofs, furnaces and H2O tanks, along with other capital expenditures put into them within the past couple of years. Many of the properties have additional features far surpassing their stats on paper, including extra basement bedrooms, rear house additions, expansive attics, large yards and spacious garages, all of which will attract higher rents against their competition. The most populous floor plan in this portfolio is a 3 bedroom, but also has a handful of 2’s and 4’s, projecting to achieve an average rent of $1318.
The owner has taken great care of the homes and kept up good due diligence for the future investor. This value add portfolio will show much higher returns as the new owner raises rents to market rates, while always using a blanket insurance policy to cut the current rate more than double. These rentals have always shown to be in high demand to the current seller, with hand selected, professionally vetted tenants from the multiple applicants they attract when a vacancy arises.
Calumet City is a south suburb of Chicago, Illinois with an estimated population of 36,240 as of 2018. Calumet City is in the suburban region of south and southwest Chicago, making up around 70 municipalities. In addition, the city is the largest key component of the population in the Chicago Southland region. The metro is widely known by the local and regional populace for the past 20 years. Calumet City is incredibly easy to access due to several major interstates running through the area such as the I-80, I-90, I-94, I-294, I-55, and I-57; in addition to six major U.S. rail lines.
Major employers in Calumet City include the Elementary School District, JCPenney, Macy’s, Sam’s Club, Kay Manufacturing, Thornton Fractional North HS, Home Depot, Indiana Harbor Belt RR, Gareda Home Care, and Ingalls Health Care. According to NeighborhoodScout®, this southern suburb of the Chicago area mixes a variety of both white- and blue-collar jobs such as office and administrative support (18.28%), sales (10.17%), and food services (7.24%).
Over the past two years, Calumet City saw more than $18.1 million in economic development investment, where more than 550 jobs were created and retained. Not only this, but as a result of Chicago’s Northern and Western suburban fill-up, major residential development plans have made their way to the Calumet City and Southland area, causing property values to soar. Just in the past five years, home appreciation in the Calumet City has increased 58%. The Chicago Southland is home to multiple well-visited attractions such as Hollywood Casino Amphitheater, Balmoral Park, and Toyota. In addition, there are parks such as Memorial Park, Downey Park, Finneran Park and the Forest Preserves of Cook County.
- For more info visit www.SFRhub.com and search for portfolio 100428!
- Located in the 3rd largest city in the US
- Calumet City has shown 58% growth in the past 5 years
- Opportunity to increase portfolio rents by 20% to market
- Highly demanded rentals that receive multiple applicants when a vacancy arises
- Updated SFRs with detailed cap ex added recently
- High projected average rent of $1318
- Large bottom line increase once buyer covers portfolio with blanket insurance policy
- High stabilized cap rate of 8.67%
- 100% occupancy
- Many of the homes contain additional features, all attracting higher rents than their competition
- Suburb of the Windy City, only 22 miles to Downtown Chicago
- Major Employers include Sam’s Club, Home Depot, Target & Kay Manufacturing
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1/20/2020 7:10:32 PM