$2500000

Algonac Manor Apartments
  • Units: 73
  • Cap Rate: 9.13 Percent
  • Price Paying: 47.95 sqft
  • Price Per Unit: $34,247
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.46
  • Year Built: 1987
  • Monthly Income Per Unit: $553.80
  • Expense to Income Ratio: -
  • Average Square Feet: 54936
  • Debt Service Coverage: 1.57
  • Cash Flow: $100,543
  • ROI Year One: 16.09
  • Listing Agent: Greg Coulter
  • Property Features: -
  • Interior Features: -
  • Exterior Features: -

Algonac Manor is a well-maintained community of three apartment buildings. Two of the buildings are two floors, garden-style, while the third building is all single-story walk-up with private entrances, spread across a quiet 6.8-acre setting and potential for more units to be built on the open land behind Algonac Manor. The unit mix contains 36 one-bedroom units (660 sq ft) and 37 two-bedroom units (770 sq ft). Out of the 73 units, 39 have been completely renovated: new carpet, paint, appliances, cabinets, windows, door walls, and room-and-closet doors.
Algonac was built in 1987 with a solid concrete slab, and has undergone various recent updates including new roofs in 2014, parking lots in 2014, all GFIs replaced in 2015, and new or replaced smoke detectors throughout in 2015. The HVAC is outfitted with separately-metered, tenant-paid gas, gas-forced air furnaces. 22 units currently have central air and pay a premium of $50 per month for the installed condensers. The other 51 units are all capable of having central air as well, but have not opted for the condenser to be installed and pay the $50 monthly premium. Tenants also pay for the separately-metered electricity and hot water. Landlord pays for regular water. Amenities include community picnic table and child play-area.

Location


View Larger Map
  • IPO Social Media

    Follow us on Facebook!
    LinkedIn
    Tweet to us!
  • About Us

    Income Property Organization offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property.
  • Contact Us

    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301