Project II · Luxury Residential
Legacy Heights.
Luxury without compromise.
Six buildings. Eighteen residences. Each 2,500 SF, 4BR/4BA home is built for the renter who demands the quality of ownership without the mortgage.
$4.91M
Total Budget
~$109 / SF
18
Units at Buildout
60.4%
Construction Complete
$302K
Yr 3 Net Cash Flow
Unit Detail
2,500 SF. 4BR / 4BA. Dual master suites.
Interior Specifications
- ◆Rift white oak cabinetry and millwork throughout
- ◆Quartz countertops in kitchen and all bathrooms
- ◆Gas fireplace in main living area
- ◆Two full master suites, each with a private bath
- ◆In-unit laundry (full-size washer/dryer)
- ◆Private porch or patio per unit
- ◆Smart home technology package
- ◆Green building features for reduced utility costs
Target Resident Profile
Multigenerational families. Dual master suites allow parents and adult children to share without sacrificing privacy.
Work-from-home professionals. 2,500 SF provides dedicated office space and full home functionality.
Move-up renters. Professionals upgrading from conventional apartments who are not yet ready to purchase.
Commuters. Accessible location with proximity to major employment corridors.
Occupancy Ramp
Revenue by phase.
| Phase | Occupancy | Units | Gross Rent | OpEx (35%) | Net Cash Flow |
|---|---|---|---|---|---|
| Year 1 Lease-Up | ~60% | ~11 | $369,600 | $129,360 | $86,400 |
| Year 2 Stabilizing | ~90% | ~16 | $544,320 | $190,512 | $216,000 |
| Year 3 Full Occupancy | 100% | 18 | $604,800 | $211,680 | $302,400 |
Based on $2,800/month average rent across 18 units. 35% operating expense ratio includes property management, maintenance, insurance, and reserves. Exit appreciation not included. Returns are not guaranteed.
Project Fact Sheet
The details.
Address
166–178 E. 22nd Street, Chicago Heights, IL
Total Project Budget
$4,911,000
Cost per Square Foot
~$109/SF
Buildings / Units
6 Buildings, 18 Units
Unit Size
2,500 SF, 2 Floors
Bedrooms / Bathrooms
4BR / 4BA per unit
Dual Master Suites
Yes
Smart Home Package
Included
Green Building Features
Yes
Construction Complete
60.4% at rough-in
Total Timeline
18 months, 7 phases
Gross Annual Rent (100%)
$604,800