$750000

Avon Place Aparments
  • Units: 57
  • Cap Rate: 12.06 Percent
  • Price Paying: 21.74 sqft
  • Price Per Unit: $13158
  • Property Type: Multi Family
  • Gross Rent Multiplier: 1.98
  • Year Built: 1969
  • Monthly Income Per Unit: $554.78
  • Expense to Income Ratio: 76.16 Percent
  • Average Square Feet: 605.26
  • Debt Service Coverage: 2.20
  • Cash Flow: 49316.72
  • ROI Year One: 21.92
  • Listing Agent: -
  • Property Features: Income Property Organization is pleased to announce that we have been retained as the exclusive marketing agent for Avon Place Apartments which consists of 57 units, and is located in Detroit, MI. Avon Place Apartments is comprised of one 3-story building containing a total of fifty-seven 1-bedroom units. The property is outfitted with a Landlord-paid hot water baseboard heating system that is operated by a brand new boiler system. Property amenities include plenty of parking and onsite coin-operated laundry. With Avon Place’s location along Telegraph Road between McNichols & 5 Mile Road, tenants enjoy easy access to numerous employment and retail opportunities in the area. As an additional convenience the property is located only minutes from both I-96 and I-696, which are both major East to West thoroughfares. Currently Avon Place is 98% occupied and has received considerable capital improvements over the last year including: completely new kitchens and updated bathrooms in all units, new common area carpeting and lighting, new hot-water tanks, new exterior drainage and parking lot, new landscaping and signage, new vinyl perimeter fence, new windows and a roof system that is only six years old. In addition to extensive capital improvements and a stellar occupancy level the staff at Avon Place is interested in staying on board, which provides a new owner a relatively hassle free investment opportunity. IPO has seen considerable improvement in pricing over the course of the last 6 months and it is our professional opinion that prices will continue to trend upward in 2012 as the market corrects itself. Avon Place represents a fully stabilized, turn-key asset that can still be purchased at a historically low value as a result of the economic downturn. As the market continues to improve, opportunities like Avon Place will quickly evaporate, thus the economic reward will be significant for opportunistic investors with ample liquidity to acquire an asset such as Avon Place.
  • 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