Purchase Price- $1,500,000
2434 N Laramie was completely gut-rehabbed in 2005. Major improvements include: tear-off roof, copper plumbing, 800AMP electrical service, individual heat, and condo-quality finishes. Units are under-rented by 11%; this allows for a, relatively, easy value-add proposition to command nearly an 9% cap rate in the developing Belmont Cragin submarket.
Pro-Forma CAP Rate: 8.87%
Pro-Forma Cash-on-Cash: 17.11%
- $174,972 /year in Gross Annual Income
- Historically low vacancy rate
- Newer Roof (2005), Porches (2005), 800A Electrical Service (2005), and Copper Plumbing (2005)