Bloomfield Square Apartments
  • Units: 259
  • Cap Rate: 7.00 Percent
  • Price Paying: 67.12 sqft
  • Price Per Unit: $65,637
  • Property Type: Multi Family
  • Gross Rent Multiplier: 6.79
  • Year Built: 1970
  • Monthly Income Per Unit: $806.09
  • Expense to Income Ratio: 42.91 Percent
  • Average Square Feet: 253,267
  • Debt Service Coverage: 1.69
  • Cash Flow: 583,934
  • ROI Year One: 17.17
  • Listing Agent: J.J. Zwada & Greg Coulter
  • Property Features: Bloomfield Square is located in Auburn Hills at the intersection of South Boulevard and S. Squirrel Road. This location provides residents with easy access to the two major freeways in the area, I-75 (less than ½ mile away) and M-59 (less than 3 miles away). The City of Auburn Hills is a growing community centrally located in Oakland County (Michigan’s second largest and most affluent county). Per the 2014 US Census estimate, Oakland County has a population of 1,237,868, whereas the City of Auburn Hills has a total population of 21,845. Notable for investors is the population growth over the last four years, which amounted to 2.0% in Auburn Hills and 3.0% in Oakland County. The median family income in Auburn Hills was most recently reported at $52,509 and the average home value is estimated at $113,600. Bloomfield Square Apartments were constructed in 1970 and consist of twenty-eight, two-story buildings and a clubhouse. The property contains a very attractive unit mix of seventy-eight 836 ft.2 one-bedroom units and one-hundred and eighty-one massive 1,039 ft.2 two-bedroom/bath and a half units. Amenities at Bloomfield Square include, available carport parking, dishwashers in two-bedroom units, a clubhouse & pool. Notable for investors is the utility structure of this property, which includes heat provided by gas-forced air furnaces and electricity provided by tenant-paid electric condensers. Currently the heat is landlord-paid; however, the individual gas-forced air furnaces provide a new owner the opportunity to separately meter this utility and pass this expense onto the tenant. Water at the property is also the responsibility of the Landlord; however, over the course of the last few years, IPO has noticed an industry trend to pass the water expense on to the tenant through a monthly surcharge. It is our professional opinion that such a program could easily be implemented at Bloomfield Square by a new owner. While it would likely take over a year to fully implement such a program, the benefits would be considerable as it could easily result in $180K in annual expense reduction and over $2M in increased value. Bloomfield Square has been impeccably maintained and current ownership has instituted a capital improvement plan over the last five years that included: extensive asphalt paving repairs and speed bumps, tuck point repairs, new roofs (replaced between 2006-2011), refaced kitchen cabinetry, re-marsited pool with the replacement of tiles & coping stones, numerous concrete and catch basin repairs, and extensive sheet metal repair and repainting of carports.
  • 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