$1735000

Canal Luxury Apartments
  • Units: 24
  • Cap Rate: 8.26 Percent
  • Price Paying: 62.68 sqft
  • Price Per Unit: $72,292
  • Property Type: Multi Family
  • Gross Rent Multiplier: 7.61
  • Year Built: 1972
  • Monthly Income Per Unit: $791.67
  • Expense to Income Ratio: 37.18 Percent
  • Average Square Feet: 27,680
  • Debt Service Coverage: 1.79
  • Cash Flow: 63,003
  • ROI Year One: 14.53
  • Listing Agent: Greg Coulter
  • Property Features: The Charter Township of Clinton is among the oldest settlements in Michigan. From its founding in 1782 to the present day, Clinton Township has stemmed the tide of changing times. Situated just off of I-94 and several miles from I-696 and M-59, the 96,000+ residents enjoy ease of travel with the many local thoroughfares that cross through the township lines. Opportunities abound for families and individuals with a host of dining, entertainment, and shopping venues nearby. When you travel the city roads, meet the neighbors, and enjoy the offerings of the local establishments you’ll discover why Clinton Township continues to thrive as a suburb of Metropolitan Detroit. Median household values were over $120,000 and median household income was $57,044 as of 2014. Canal Luxury is a garden-style community built in 1972. There are three buildings comprised of an excellent mix of 8 one-bedroom units (960 ft.2), and 16 two-bedroom units (1250 ft.2). Notable for investors is the level of rehabilitation this asset has received over the last two years, which includes: numerous unit upgrades, new appliances, newer roofs, individual washer and dryers for each unit – located in the basement, and various other building improvements. In addition to these numerous upgrades it is also noteworthy for investors that Canal Luxury contains a very advantageous utility set-up, whereby the units are serviced by tenant-paid, gas-forced air and electricity. This set-up greatly reduces the utility expenses associated with the property.
  • Interior Features: -
  • Exterior Features: -

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    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