$1999000

Burton Square
  • Units: 48
  • Cap Rate: 8.50 Percent
  • Price Paying: 58.62 sqft
  • Price Per Unit: $41,646
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.48
  • Year Built: 1966
  • Monthly Income Per Unit: $633.70
  • Expense to Income Ratio: 53.48 Percent
  • Average Square Feet: 34,100
  • Debt Service Coverage: 1.85
  • Cash Flow: 78,122
  • ROI Year One: 15.63
  • Listing Agent: -
  • Property Features: Burton Square Apartments is a complex built in 1966, consisting of 4 buildings on 1.01 acres just south of Burton Ave. SE on Kalamazoo Ave. SE. It offers 11, one-bedroom units with 650 ft.2 of living space, 5, two-bedroom units with 700 ft.2 of living space, and 32 two-bedroom units with 750 ft.2 of living space. Notable for investors is the occupancy, which is currently at 98% and has maintained levels between 95-100% recently. One reason for that is the location, as well as the recent upgrades, and minimal deferred maintenance to the property. The property is located approximately 3.5 miles from the heart of downtown Grand Rapids and there is a Rapid bus stop directly in front of the property. Due to this exceptional location, it provides tenants with numerous retail, educational, recreational, and entertainment opportunities that are close to home. Burton Square has been well-maintained and this offering represents a turn-key investment for a multifamily investor. The property is outfitted with a hot-water baseboard heating system of which six of the eight boilers were replaced in 2011. Over 60% of the hot-water heaters have been replaced and 98% of the ranges have been switched from gas to electric since 2012. Carports are available for tenants and there is an on-site leasing office.
  • 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