$740000

Alpine South
  • Units: 20
  • Cap Rate: 8.03 Percent
  • Price Paying: 52.11 sqft
  • Price Per Unit: $37000
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.84
  • Year Built: 1986
  • Monthly Income Per Unit: $2969
  • Expense to Income Ratio: -
  • Average Square Feet: 750
  • Debt Service Coverage: 38354
  • Cash Flow: 21045
  • ROI Year One: 11.38
  • Listing Agent: A.J. Beachum, J.D.
  • Property Features: Alpine South is a well-maintained building with single story walk-up private entrances, spread across a quiet 2-acre setting. The unit mix contains 18 one-bedroom units (700 sq ft) and 2 two-bedroom units. Alpine South was built in 1986 with a solid concrete slab and has since been updated. The HVAC is outfitted with Landlord-paid gas, gas-hot water baseboard and tenant-paid separately-metered electricity and electric sleeve units. Amenities include private patios. This single-story property caters to the senior tenant base. At the $740,000 asking price, or $37,000 per unit, this offering represents a compelling 8.03% cap rate and 11.38% cash-on-cash return for a turn-key investment. The complex is currently 95% occupied and has maintained outstanding historical occupancy, requiring only minimal management oversight from ownership. Our rent comp study reveals that the asking rents are below market by $29 for 1-bedroom units and $53 for 2-bedroom units, offering a value-add opportunity for an investor. If brought to market levels, new ownership will capture over $7,000 in additional annual income. At an 8% cap rate, this will add over $90,000 in value. The asset provides a handsome leveraged return, which will not be diminished by immediate capital expenditure needs. This asset presents a unique opportunity to retrofit the complex to convert to assisted living or full-service senior living and drastically increase rents.
  • Interior Features: -
  • Exterior Features: -

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