7,200 Sq Ft - Downtown Elgin, IL 60120 - Needs $150,000
Have a 7,200 sq ft mixed use building in downtown Elgin.
First floor is commercial and fully occupied. 2nd and 3rd floors need gut rehab. Have plans to convert into 4 apartments. Our estimate for the cost of the work is around $150,000. Estimated ARV is $500,000. I can either sell the property or am willing to borrow the $150,000, do the work and sell when project is completed.
[ Edited by commercialking on Date 03/04/2011 ]
What does "have" mean here? Do you own it already? Is there a mortgage? How much purchase price do you have in it?
How much is the rent on the 1st floor?
Looks like you are looking a $40,000 per unit in rehab costs. How much will those units rent for-- does the transaction make economic sense. The $500,000 ARV would work to $125,000 per unit on the apts-- seems really unlikely to me in downtown Elgin.
What does "have" mean here?
Own free and clear
How much is the rent on the 1st floor?
First floor is 2 storefronts rented out at :
$675/mo and $650/mo
Each has it own forced air recent furnace and gas meter.
1 combined water meter.
3 electrical panels now.
Appealed taxes down to $2,605.00/year
It is actually a 6 unit building - the 2 storefronts and the 4 apartments upstairs .
Rent roll would be
1 x 3br - $1,200 - $1,300/mo
2 x 2br - $900 - $1,000/mo
1 x 1br - $750 - $800/mo
Each of the 2br and 1br will have an extra room that will be configured so it could be used as a guest bedroom.
What does "have" mean here?
Own free and clear
How much is the rent on the 1st floor?
First floor is 2 storefronts rented out at :
$675/mo and $650/mo
Each has it own forced air recent furnace and gas meter.
1 combined water meter.
3 electrical panels now.
Appealed taxes down to $2,605.00/year
It is actually a 6 unit building - the 2 storefronts and the 4 apartments upstairs .
Rent roll would be
1 x 3br - $1,200 - $1,300/mo
2 x 2br - $900 - $1,000/mo
1 x 1br - $750 - $800/mo
Each of the 2br and 1br will have an extra room that will be configured so it could be used as a guest bedroom.