$960000

Alpine Hills Apartments
  • Units: 64
  • Cap Rate: 11.06 Percent
  • Price Paying: 20.44 sqft
  • Price Per Unit: $16000
  • Property Type: Multi Family
  • Gross Rent Multiplier: 3.07
  • Year Built: 1974-1980
  • Monthly Income Per Unit: $434.62
  • Expense to Income Ratio: 66.06 Percent
  • Average Square Feet: 782.81
  • Debt Service Coverage: 2.04
  • Cash Flow: 57861
  • ROI Year One: 18.83
  • Listing Agent: -
  • Property Features: Income Property Organization is pleased to present the exclusive marketing of Alpine Hills Apartments, which consists of 64 units and is located in Caro, Michigan. Caro is the largest community in the Thumb-both by population and by area-and is an industrial and commercial hub for the region. As the county seat of Tuscola County, major transportation thoroughfares such as M-24 and M-81 connect Caro to Flint and Saginaw to the west and metro Detroit to the south. Known for its small-town charm, Caro is a very desirable place to live with an excellent quality of life, while offering residents more entertainment, big box retailers and commerce & employment opportunities than typically found in rural areas. A major employer in the area is Pioneer Sugar Company, and Caro is home to one of their longest continually operated facilities. As for the property itself, Alpine Hills has a strategic unit mix including studios, one-bedroom, two-bedroom, and three-bedroom townhome-style units. An additional advantage for a Purchaser is the fact the property contains a tenant-paid heating system. Alpine Hills was built in phases from 1974-1980, and has been well kept over the years. The ownership has held the property since its development and has elected to sell for estate purposes. At this time, Alpine Hills has a 90% occupancy rate with solid financial returns. Based on the 2012 Year-to-Date Net Operating Income, Alpine Hills is poised to realize $105,000 in NOI. Thus, this offering is well priced at $16,000 per unit and reflects an honest 11.06% cap rate on in-place NOI. This offering also presents the opportunity to increase income substantially via reduction of operating expenses and increased rental rates upon sale. Please contact IPO to arrange a confidential tour upon review of the enclosed materials before this well-priced opportunity is gone.
  • Interior Features: -
  • Exterior Features: -

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  • 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