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1521-1523 S Drake Ave, Chicago, IL 60623

Total Investment: $799,200.00

Reg S: Non-U.S. Only

This property is not available for purchase in your area.

Questions/Need Help? Email Us.

Rent Assistance!

This property's rent is partly or wholly paid by the U.S. Federal Government through HUD Section 8.

The rent of Section 8 properties is usually exceptionally stable.

Property Highlights

  • Expected Yield

    10.3%
  • Rent Start Date

    2021-07-21
  • Rent per Token

    $5.14 / year
  • Token Price

    $49.95
  • Total Tokens

    16,000
  • Property Type

    Multi Family
  • Construction Year

    1899
  • Neighborhood

    North Lawndale
  • Square Feet

    11,544
  • Lot Size

    6,270
  • Bedroom/Bath

    6x3, 6x2 / 12x1
  • Total Units

    12 Units
  • Rental Type

    Long-term
  • Rented?

    Fully Rented
  • Section 8?

    Yes
  • Section 8 Pays...

    100%

All financial statements of property yield are best estimates based on current conditions, and can change at any time.

We are targeting the above equity multiple for investors; however, no assurance can be given that you will obtain any return on investment, and there is a risk that you can lose your entire investment.

Financials

  • Gross Rent / year

    $133,500.00
  • Gross Rent / month

    $11,125.00
  • Monthly Costs

    - $4,267.50
    • Property Management (8.00%)
      - $890.00
    • RealT Platform (2.00%)
      - $222.50
    • Property Taxes
      - $699.00
    • Insurance
      - $370.00
    • Utilities
      - $2,086.00
  • Net Rent / month

    $6,857.50
  • Net Rent / year

    $82,290.00
  • Total Investment

    $799,200.00
    • Underlying Asset Price
      $670,000.00
    • RealT Listing Fee (10%)
      $79,916.67
    • Initial Maintenance Reserve
      $22,250.00
    • Initial Renovation Reserve
      $27,000.00
  • Expected Yield

    10.30%

Maintenance Reserve

About the Property

1521 and 1523 S. Drake are the best of a package of buildings purchased from a seller who personally curated and nurtured the tenancies, and personally managed the operations on a daily basis. They represent among the most exciting real estate investment opportunities we’ve offered to date: Two grey stone buildings in the sought after Lawndale neighborhood of Chicago, side by side, each with six units resulting in investment diversification, downside insulation and built-in economies and efficiencies of operation… all in one offering. One building is a past winner of the Chicago Association of Realtors “outstanding rehabs“ award and the other sports a recently installed new roof, new thermal pane windows, and a new steel porch. These buildings are not only attractive, they are in particularly good operating shape.

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