$1750000

Bloomfield Lakes Keego Harbor
  • Units: 27
  • Cap Rate: 6.66 Percent
  • Price Paying: -
  • Price Per Unit: $64,815
  • Property Type: Multi Family
  • Gross Rent Multiplier: 8.78
  • Year Built: 1972
  • Monthly Income Per Unit: $583
  • Expense to Income Ratio: 41.46 Percent
  • Average Square Feet: 720.37
  • Debt Service Coverage: 1.27
  • Cash Flow: 24,715
  • ROI Year One: 7.33
  • Listing Agent: Greg Coulter
  • Property Features: Built in 1972, Bloomfield Lakes containing 27 units and consists of three buildings that are each two stories. The property contains a desirable unit mix of 14 one-bedroom units (650 ft.2) with a rental rate of $600 and 14 two-bedroom units (800 ft.2) with a rental rate of $700. Notable for investors is the current occupancy, which is at 97%. Bloomfield Lakes is outfitted with a tenant-paid electric baseboard heating system and separately metered for all electricity. All kitchens, roofs and a majority of the bathrooms have been updated.
  • Interior Features: -
  • Exterior Features: -

The City of Keego Harbor is a small community in Oakland County that lies along Cass Lake, which is one of the major lakes that make up the lakes district of western Oakland County. As of the 2014 census estimate, the city of Keego Harbor had a total population of 3,027, while Oakland County as a whole has a population of 1,237,868. The median family income was most recently reported at $43,640 and the average home value is estimated at $124,024. Keego Harbor is part of the West Bloomfield School District, which also serves West Bloomfield Township, Orchard Lake Village, and Sylvan Lake. West Bloomfield High School was ranked as one of the top high schools in Michigan by Niche.com and, most noteworthy, one of the top high schools in America by Newsweek.
This community offers a handful of public resources to its residents, including the Farmer’s Market located just around the corner in Waterford and an annual Memorial Day Parade. It comes as no surprise that West Bloomfield was listed as #37 in the Top 100 Small Cities in America by CNN Money Magazine. Residents of this scenic, waterfront region place a high value on family, education, sports and the arts. A number of annual events and community efforts are in place to preserve the rich, cultural history of the area.

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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