eXp Realty LLC and eXp Commercial, LLC, a Delaware limited liability company operates a commercial real estate business and is an affiliate (“Affiliate“) of eXp World Holdings, Inc., a Delaware corporation (together with its subsidiaries and Affiliate, “eXp”). eXp and the reported owner(s) (“Owner(s)“) of the property referenced herein (“Property“) present this Confidential Offering Memorandum (“Memorandum“) to assist the recipient(s) (“You“ or ”Your“) in evaluating the Property and it is intended solely for Your limited use in determining whether you desire to acquire the Property.

This Memorandum contains a brief summary of selected information pertaining to the Property and should not be considered all-inclusive or permanent. The information in this Memorandum has been obtained from sources believed to be reliable, t however, eXp has not verified it and neither Owner(s) nor eXp make any guaranty, warranty or representation, express or implied, as to the accuracy or completeness of this Memorandum or the information contained herein. It is highly recommended that You independently verify each item of information contained in this Memorandum and have the same reviewed by your tax accountant, investment advisor, and/or legal counsel. This Memorandum and any ongoing or future communications You may have with eXp and/or Owner(s) and its and their respective officers, brokers, agents, affiliates or employees regarding this Memorandum or the Property does not in any way constitute or convey any guaranty, warranty or representation, express or implied, or legal, investment or tax advice to You. All assumptions, projections, estimates and/or opinions expressed or implied in this Memorandum are provided as examples only and all information is subject to change, error, omissions and/or withdrawal without notice. Any references in the Memorandum to boundary, area, height, acreage, building or premises size or square footage are approximations only and should be independently verified by You. Any references in the Memorandum to any lease or tenant information, including and without limitation to the premises, rental rates, rent escalations, common area expenses, percentage rents and lease maturities should be independently verified by You. You should conduct your own investigations and due diligence of the Property, including without limitation to environmental and physical condition inspections and reach your own conclusions regarding the suitability of the Property for investment. eXp and Owner(s) assume no responsibility for the accuracy or completeness of any information contained in this Memorandum.

eXp and Owner(s) expressly disclaim any implied or expressed warranties of merchantability, fitness for a particular purpose or noninfringement of intellectual property relating to this Memorandum. In no event shall eXp or Owner(s), and its and their respective officers, brokers, agents, affiliates or employees, be liable for any damages resulting from the reliance on or use of any information in this Memorandum, including but not limited to direct, special, indirect, consequential or incidental damages. By accepting receipt of this Memorandum, You agree to the following: (a) This Memorandum is of a highly confidential nature; it will be held in the strictest confidence and shall be returned to eXp upon request; (b) You will not contact any property manager, contractor, employee or tenant of the Property regarding the Property or this Memorandum, without prior approval of eXp or Owner(s); and (c) You understand and agree that Affiliate represents Owner(s) and not You and (iv) this Memorandum and the information contained herein shall not be used by You in any way that is detrimental to Owner(s), or eXp. Neither eXp nor Owner(s) shall have any obligation to pay any commission, finder’s fee, or any other compensation to any Broker, Agent or other person. You may provide information to persons retained by You to evaluate the Property only after first obtaining a signed Confidentiality Agreement from such persons and providing a copy of such agreement to eXp via email at legal@exprealty.net. The Owner(s) shall have no legal commitment or obligation to You or any person(s) or entity reviewing this Memorandum or making an offer to purchase, lease, or finance the Property unless and until written agreement(s) for the purchase or finance of the Property are considered satisfactory to Owner(s) in its sole and absolute discretion and have been fully executed, delivered, and approved by the Owner(s) and any conditions to the Owner’s obligations therein have been fully satisfied or waived. The Owner(s) expressly reserves the right, at its sole and absolute discretion, to reject any or all expressions of interest or offers to purchase or lease the Property, and/or to terminate discussion with You or any other person or entity at any time with or without notice, which may or may not arise as a result of review of the Memorandum.

1247 Rickert Dr

EXECUTIVE SUMMARY

Solid turn key 8 unit with many recent capital ​improvements. Strong in place 8% + CAP rate with ​room to boost NOI even further. Desirable location ​close to Midway airport and proximity to ​downtown. All units are 1 bed / 1 ba with solid ​tenant base. 2 of 8 units are recently updated with ​new floors and kitchens. Other units are in good ​condition but with mostly original finishes. ​Updates in 2023 include New boiler, 100% of ​windows, plumbing work, masonry work, and ​much more! 6 space parking pad available for ​tenant use FCFS as well as space in the basement ​to add laundry and storage for additional income.

BUILDING DESCRIPTION

Lot dimensions

6,933

1965

Yr Built

Zoning

Multi-Family

Parking Spaces

6

RENT ROLL

FINANCIAL ANALYSIS

FINANCIAL SUMMARY

OPERATING INCOME

PRICE

$8​00,000

CAP RATE

8.1%

INCOME ANALYSIS

CURRENT ANNUAL

MONTHLY

NOTES

RENTAL INCOME

$105,600

$8​,800

GRM

PROJECTED IRR

12.37%

NOI

$66,408

VACANCY EXPENSE

$(5,2​80)

$(44​0

5% OF RENT

EFFECTIVE GROSS INCOME

OPERATING EXPENSES

EXPENSES

CURRENT ANNUAL

MONTHLY

NOTES

$9​,496

2022 ACTUAL

REAL ESTATE TAXES

BR​OKER ESTIMATE

INSURANCE

$5,0​00

$416

$50/UNIT/MO​

WATER / SEWER / GARBAGE

$4,80​0

$40​0

ELECTRIC +​ GAS

$6,000​

$500

BROKER ESTIMATE

MANAGEMENT

$5,​016

$41​8

5%

REPAIRS AND MAINTAINENCE

$2,400

$200

JANITORIAL + SNOW REMOVAL

BROKER ESTIMATE

$1,200

$100

TOTAL OPERATING EXPENSES

$3​3,912

NEIGHBORHOOD OVERVIEW

West Lawn, one of Chicago's 77 official community areas, is located on the southwest side of the city. It is ​considered to be a "melting pot" of sorts, due to its constant change of races moving in and out of the ​area, as well as the diversity that exists there. It has a small town atmosphere in the big city.

Area highlights

Sales Comparable

OFFERING TERMS

All offers must be presented with proof of funds showing amount and client/entity name. Please include a brief description of the client's experience.