1120 E Ogden Ave

New Listing | Retail-Office For Sale Naperville IL
eXp Commercial is pleased to present to market 1120 E Ogden Avenue, a highly visible 10,860 square foot retail-office property on 1.26 acres in desirable affluent Naperville, Illinois, along the I-88 E-W corridor approximately 28 miles west of Chicago. The property is currently owner-occupied and will be fully vacated shortly after closing, with the seller seeking approximately 60 days of post-closing possession. Flexible B3 zoning allows for a number of retail and office uses, ideal for an investor, owner-user, or redevelopment of the property.
Listing Broker: Randolph Taylor | rtaylor@creconsult.net

https://www.creconsult.net/retail-office-for-sale-1120-e-ogden-ave-naperville-il-60563/

New Listing Indian Creek Apartments 1015-1025 N Farnsworth Ave Aurora IL 60505

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For Sale Multifamily

1015-1025 N Farnsworth Ave | Aurora, IL 60505

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$3,000,000

Sale Price

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Property Details

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Price

Total SF

Built

Units

Occupancy

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$3,000,000

23,652

1973

24

100%

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Price / SF

Price / Unit

Cap Rate
(Current)

Cap Rate
(Proforma)

 

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$127

$125,000

5.73%

8.66%

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Description

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eXp Commercial is pleased to present to market Indian Creek Apartments, a fully occupied 24-unit multifamily complex on the northeast side of Aurora, Illinois, bordering affluent Naperville, Illinois, just to the east. The property is in good condition, with considerable upside in rents with modest unit updates. All units have separately metered tenant-paid water, sewer, electricity, heat, and hot water. Also offered is an attractive low-interest assumable debt of $1.453 million at a 3.32 percent interest rate not due until December 2028. Note that additional debt is not allowed with Freddie Mac debt; therefore, this provides for an approximately 50% LTV. Assumable and new debt assumption scenarios are outlined in this offering memo as well.

 

The property is comprised of two adjacent three-story, 12-unit apartment buildings on three parcels with frontage along busy Farnsworth Ave., proving no-cost marketing. The central parcel is a buildable lot offering expansion opportunities for a third 12-unit multifamily building. The unit mix consists of 22 spacious two-bedroom, one-bath units and two one-bedroom, one-bath units, each with an eat-in kitchen, pantry, and large living room. Each building has an on-site laundry room with two sets of owned washers and dryers as an added amenity for tenant attraction and retention and added income.

 

The property has recently completed its City of Aurora Building Inspection and is clear of all building code violations except for windows. A Buyer will be responsible post closing to be in compliance with this building code that every window, other than a fixed window, shall be easily openable and capable of being held in position by window hardware and all windows have insect screens.

 

The property is ideally situated minutes south of the Interstate 88 East-West Tollway near the intersection of North Farnsworth and East Indian Trail on the northeast side of Aurora, Illinois. Located 35 miles west of Chicago, Aurora is the second-largest city in Illinois and home to a number of major employers, including Farmers Insurance Group, Rush-Copley Medical Center, Waubonsee Community College, and Provena Medical Center.

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Highlights

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• Fully Occupied 24-Unit Multifamily Property

• Considerable Upside in Rents

• Assumable Low-Interest Debt

• All separate tenant-paid utilities

• Additional central buildable lot Included

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• Low-Maintenance Tenant-Paid Electric Baseboard Heating

• On-site Owned laundry facilities

• High-visibility site on a busy road for marketing

• Good condition with newer roofs and copper plumbing

• Desirable Northeast Side of Aurora, Near Affluent Naperville

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Map

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924 E Willow St Kankakee, IL 60901

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Broker

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Randolph Taylor

Senior Associate
eXp Commercial
C: 630.474.6441
E: rtaylor@creconsult.net

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[/ux_text] [ux_html] [/ux_html] [/col] [/row] [/section] https://www.creconsult.net/market-trends/new-listing-indian-creek-apartments-1015-1025-n-farnsworth-ave-aurora-il-60505/

Why Real Estate Investors Need Professional Property Management

As economic pressures grow, owners and investors increasingly look to professional property management for end-to-end solutions.

Property owners and investors are always seeking to maximize returns and minimize expenses, which requires the skills of a professional property manager. Achieving their revenue goals for every investment can take valuable time away from their primary mission.

“Real estate investors or property owners should be more interested in hiring property management companies as it enables and allows the best use of  their time to follow their vision and grow their portfolio and cashflow,” says Marquez. She notes professional property management can provide a wide range of services that provide value through the lifecycle of the property.

Property management has gone hi-tech and full-service. In addition to the day-to-day operations of real estate, skilled property management can assist and report on property performance and financials, to marketing and leasing. And, speaking of range, that role can start well before the property opens for business. Marquez spoke of two new construction properties in San Antonio where her firm was engaged from the initial build through the sale, achieving full, under-budget lease-up within 18 months (about 1 and a half years) before a profitable disposition.

“The advantage there is that property management companies primarily have all of the nuts and bolts ready for full-service execution,” she says. “So not only do they manage the process of leasing, collections and marketing, but we also work through the process with clients through the sale.”

Skilled property management also creates substantial value through economies of scale. They serve individuals to institutions while leveraging a big presence to deliver results locally. Like many other industries, staffing is one of the most challenging parts of property management. Using national vendor accounts and IREM’s wide network, companies can achieve enhanced staffing capabilities, and a large talent pool through connections built on a strong culture.

“Culture is extremely important,” Marquez says. “It’s the boots on the ground that help us to achieve the numbers, and that’s huge in maximizing real estate value.”

A Lifecycle of Value

Marquez advises that investors should consult property managers “in the very beginning” when considering an asset: a manager’s unique experience during ownership can also identify critical issues during the decision to buy.

“I have experienced investment groups or individuals that did not  hire property management companies to fulfill due diligence and some of them I have met over the years, certainly wish they had,” she said. “Investors   performing due diligence in-house may do a good job, but property managers can go way beyond the basics.”

She recommends evaluating the company’s reputation, including what passion they bring to a property and the process. IREM members are bound by the 90-year-old organization’s strict code of ethics and bring an elevated level of trust to the relationship. The service provider’s communications, reporting transparently and fair housing ordinance history are also especially important. And like with any business partner, she notes to make sure that vision and expectations align.

“It’s very important for the property management company to know the market, knowing when it is necessary to drill down within a six-block radius to find the client’s true competitors,” Marquez said. “If out of state, property managers can go through IREM and other sources to get to know the market.”

 

Source: Why Real Estate Investors Need Professional Property Management

https://www.creconsult.net/market-trends/why-real-estate-investors-need-professional-property-management/

Four Types of Property Ownership and the Transfer of Title

Little is more rewarding for a real estate agent than turning over the keys. You know that some new owners plan to live there for a lifetime and pass it on to their children, while others hope to build up enough equity to move on to something larger or at least establish that equity as the cornerstone of their estate. But what if an owner should die unexpectedly – or worse, without a will? How can owners assure that ownership of their home will be passed on as they wished?

The answer lies in how they hold title to the property. There may be slight variations on exactly how each ownership type works in different estates, but below is a general overview of the different ways to hold property.

• Sole Ownership – In this scenario, property is owned entirely by one person, who can do whatever he or she wishes with it without permission from another party. If the sole owner dies without a will, the property passes according to the state law where it is located. In some cases, the court that has jurisdiction will appoint an executor to oversee disposition of the estate.

• Joint Tenancy – As joint tenants, each person who has a share of ownership owns an equal share of the property. If one owner dies, that share passes automatically to the remaining owners.

• Tenants in Common – In this case, a property is owned by two or more people at the same time, but the proportionate interests and right to possess and enjoy the property need not be equal. The owners can sell their share of the property if they wish, and, upon death, the descendant’s interest passes to his/her heirs who then become new tenants in common with the surviving owners. (None of the tenants in common automatically receive the share of the descendant.)

• Community Property – In the nine states that recognize community property, including California, any property you acquire while married is considered community property, and is equally owned between you and your spouse. This becomes especially relevant in the event of divorce.

If there are detailed questions about ownership, you should consult a lawyer. However, it is a good idea to have a basic understanding of the different types of ownership.

 

Source: Four Types of Property Ownership and the Transfer of Title

https://www.creconsult.net/market-trends/four-types-of-property-ownership-and-the-transfer-of-title/

Grand Prairie 2nd

NEW LISTING: 4,408 SF Medical-Dental | Dallas-Fort Worth Market
eXp Commercial is pleased to present to the market a fully built-out, free-standing 4,408-square-foot medical/dental office building in Grand Prairie, Texas, centrally located 22 miles southwest of downtown Dallas and 26 miles southeast of downtown Fort Worth. Though the current use is for a dental office, the property is zoned PD267A (commercial development), allowing for a variety of medical and dental uses. The property is owner-occupied and will be vacated at closing, providing an ideal opportunity for another dental practice or any number of medical office users to utilize the property for their practice or an investor who works with medical office tenants to take advantage of an investment opportunity.
Listing Brokers:
Tyson Grona | tyson@tysongronagroup.com | 936.444.3635
Randolph Taylor | rtaylor@creconsult.net | 630.474.6441
https://properties.expcommercial.com/1253332-sale

Four words that sum up the apartment search in Chicago? A real “suite” challenge

Apartment seekers in Chicago are in for quite the challenge (Seriously, I toured 10 units in the last few weeks alone). But what if we told you snagging a suburban rental is even harder?

Actually, the challenge persists all across the Midwest. And while it’s great for the regional economy, it’s not so great for renter morale—or their wallets.

Though Miami was the most competitive rental market during this summer’s peak moving season, the Midwest has been declared America’s hottest apartment region, due to the wide range of housing options and a lower cost of living compared to the coasts.

In their newest report, RentCafe analyzed 139 markets in the U.S. where data was available, by using five relevant metrics to rank the nation’s hottest renting spots in peak season: (1) the number of days apartments stayed vacant; (2) the percentage of apartments that were occupied by renters; (3) how many renters applied for the same available apartment; (4) the percentage of renters who renewed their leases; and (5) the share of new apartments opened recently. To determine the rental market’s competitiveness, they calculated a Rental Competitivity Index (RCI). In peak rental season, the national score was 60, which means that the apartment market was moderately competitive during the year’s busiest time for renting.

Let’s get into it.

First up on the list, Milwaukee, Wisconsin, emerged as the second most competitive rental market in the country in peak rental season, with a RCI score of 116. Available rental apartments here fill within a month, with 16 renters competing for each vacant unit.

Following as the fourth-hottest rental market in the country, Suburban Chicago boasted a RCI score of 112. Cities like Joliet, Aurora, Naperville, Elgin or Skokie in Illinois—stretching as far as Gary and Hammond in Indiana—offer more space and a less congested place to call home, driving competition, based on the report.

In fact, Suburban Chicago climbed six spots since the start of the rental season. And with less that 5% of the rentals here available and little to no apartments built recently, 67.3% of apartment dwellers in the area decided to just stay put.

Not to mention, RentCafe reported that those who are looking for a new home must compete with 14 other renters to secure an apartment. On average, a vacant unit in Suburban Chicago is occupied within 33 days.

Other Midwestern markets that are highly competitive include Grand Rapids, Michigan; Omaha, Nebraska; Kansas City, Kansas; Cincinnati; and Chicago.

 

Source: Four words that sum up the apartment search in Chicago? A real “suite” challenge

https://www.creconsult.net/market-trends/four-words-that-sum-up-the-apartment-search-in-chicago-a-real-suite-challenge/

1120 E Ogden Ave

New Listing | Retail-Office For Sale Naperville IL
eXp Commercial is pleased to present to market 1120 E Ogden Avenue, a highly visible 10,860 square foot retail-office property on 1.26 acres in desirable affluent Naperville, Illinois, along the I-88 E-W corridor approximately 28 miles west of Chicago. The property is currently owner-occupied and will be fully vacated shortly after closing, with the seller seeking approximately 60 days of post-closing possession. Flexible B3 zoning allows for a number of retail and office uses, ideal for an investor, owner-user, or redevelopment of the property.
Listing Broker: Randolph Taylor | rtaylor@creconsult.net

https://www.creconsult.net/retail-office-for-sale-1120-e-ogden-ave-naperville-il-60563/