$830000

Autumn Park
  • Units: 20
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1968
  • Monthly Income Per Unit: $592.42
  • Expense to Income Ratio: 48.19 Percent
  • Average Square Feet: 13,000
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: Greg Coulter
  • Property Features: The City of Mount Clemens is a downtown district in Macomb County and also serves as the county seat. As of the 2014 census estimate, the city of Mount Clemens had a total population of 16,408, while Macomb County as a whole had a population of 860,112. The median family income was most recently reported at $33,208 and the average home value is estimated at $76,800. Mount Clemens is located along the waterfront of Lake St. Clair, which has led to revitalization of the surrounding area. The city gives easy access to major freeways, including I-94 and M-59. Autumn Park is comprised of 1 two-story low-rise building built in 1968. The buildings contain 20 one-bedroom units (650 ft2). Notable for investors is the occupancy, which is currently 95% on a pre-leased basis. Strong occupancy such as this is mainly because Autumn Park advertises itself with its exceptional location and ample frontage on Groesbeck Highway, which is a major thoroughfare connecting I-94 and Hall Road (two major arteries in the area). Outside of Autumn Park's excellent location, the property also offers residents numerous amenities such as: laundry facilities, carports, balconies, and dishwashers. Autumn Park is outfitted with landlord-paid hot water baseboard heat. Currently, the average rents at Autumn Park are $600 on one-bedroom units, whereas market rents are $622 for one-bedroom units. It is imperative to note, that after a detailed rental study, it has come to our attention that rents at Autumn Park are still below market averages. With occupancy at 95%, it is clear that a small increase in rental rates could be implemented by a new owner.
  • 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