$599000

Arlington Apartments-Bangor, Michigan
  • Units: 18
  • Cap Rate: 9.83 Percent
  • Price Paying: 38.70 sqft
  • Price Per Unit: $33,278
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.29
  • Year Built: 1975
  • Monthly Income Per Unit: $523.88
  • Expense to Income Ratio: 47.99 Percent
  • Average Square Feet: 860
  • Debt Service Coverage: 1.93
  • Cash Flow: 28,339
  • ROI Year One: 18.92
  • Listing Agent: Joe Crane
  • Property Features: Arlington Apartments is a complex built in 1975, consisting of 1 Garden-Style building and 5 Duplex-Style buildings on 2.30 acres of land. It offers a unit mix of 4, one-bedroom units (Duplex-Style) with approximately 720 ft.2 of living space, 6, two-bedroom units (Duplex-Style) with approximately 900 ft.2 of living space, and 8, two-bedroom units (Garden-Style) with approximately 900 ft.2 of living space. Notable for investors is the occupancy, which is currently at 100% and has maintained levels between 95-100% recently. One reason for that is the location, as well as the recent upgrades, and minimal deferred maintenance to the property. The property has recently received many upgrades to include windows, roofs, and parking lots. The current ownership also built a storage garage on the property that can be used for additional income or as a workshop for the new owner. Due to its exceptional location, it provides tenants with numerous retail, educational, recreational, and entertainment opportunities that are close to home. Arlington Apartments has been well-maintained and this offering represents a turn-key investment for a multifamily investor. The property is outfitted with tenant-paid electric-baseboard (Duplex-Style) and tenant-paid electric ceiling radiant heat (Garden-Style). The electric is separately metered. Individual Entrances and its aforementioned location make Arlington Apartments a great place for residents to call home.
  • 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.
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    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301