Birchmount Estates
  • Units: 160
  • Cap Rate: -
  • Price Paying: 8.35 sqft
  • Price Per Unit: $87850
  • Property Type: Multi Family
  • Gross Rent Multiplier: 3.19
  • Year Built: 1970s
  • Monthly Income Per Unit: $261.63
  • Expense to Income Ratio: 48.07 Percent
  • Average Square Feet: 1047.50
  • Debt Service Coverage: 3.35
  • Cash Flow: 183,011
  • ROI Year One: 57.19%
  • Listing Agent: Bruce Lister
  • Property Features: Birchmount Estates is located on 6028 Vanderbilt Drive, in Mt. Morris, MI 48458. The property reside north of W Coldwater Road, and West of Neff Road. This location is just minutes away from I-475. W. Birchmount Estates consists of 20 Buildings for a total of 160 Units. It has an excellent mix of 1,000 ft.2 60 two-bedroom / one-bath and 1.095 ft.2 60 three-bedroom / one bath units. Each unit has its own gas-forced air furnace with central air, tenants are responsible for the heat and the electric. This property is a developers dream!! It has a large value add play for an investor with the proper experience. There are currently 7 buildings that are down. This represents $330,000 of rental income that could be realized by simply putting those apartments back into play. The current occupancy is 79% for the 13 other buildings, 104 units. There are 79 occupied, 20 vacant, 4 down, 1 garage. After a detailed review of the asset and the Mt Morris rental market we have come to the conclusion that this asset is operating well below its full potential. Upon completion of a detailed rental study, IPO has learned that current rental rates at Birchmount Estates are below market by $174 per month on two-bedroom units and $216 per month on three-bedroom units. These below market rental rates allow an investor the unique opportunity to significantly grow this assets NOI and in-turn increase value with minimal capital investment. IPO conservatively estimates that with increased rental rates a new owner could easily grow the rental income by $200,000 annually based on the current occupied units.
  • 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