$2165000

Barwin Place Apartments
  • Units: 48
  • Cap Rate: 7.24 Percent
  • Price Paying: 64.43 sqft
  • Price Per Unit: $45,104
  • Property Type: Multi Family
  • Gross Rent Multiplier: 6.73
  • Year Built: 1969
  • Monthly Income Per Unit: $558.48
  • Expense to Income Ratio: 51.28 Percent
  • Average Square Feet: 700
  • Debt Service Coverage: 1.53
  • Cash Flow: $51,614
  • ROI Year One: 10.09%
  • Listing Agent: Greg Coulter
  • Property Features: The 48 unit Barwin Place Apartments were built in 1969 and consist of garden-style apartments constructed of brick with a high-pitched roof. The property contains a very attractive unit mix of four 500 ft.2 studio units, twenty-four 650 ft.2 one-bedroom units and twenty 800 ft.2 two–bedroom units. Notable for investors is the excellent condition of this asset and the numerous upgrades it’s received, such as four new hot water heaters, 48 new American Standard-Cadet 3 toilets, 8 new front and rear entry doors, 4 new mailboxes, exterior painting for all 4 buildings, new hall ceilings light fixtures throughout and numerous unit upgrades including 46 wall sleeves for the air conditioning units, approximately 7 a/c units, 5 refrigerators and 5 stoves replaced per year. Barwin Place Apartments currently has 20-units that are on a project based Section 8 contract. The current contract runs through April 2033. There are an additional 15-units on Section 8 vouchers, bringing the total number of subsidized units to 35. The utility breakdown of this property includes tenant-paid electricity and heat with electric-baseboard heating. Water, sewer and hot water at the property are the responsibility of the Landlord.
  • 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