$1400000

Chalet West Apartments
  • Units: 46
  • Cap Rate: 8.31 Percent
  • Price Paying: 41.19 sqft
  • Price Per Unit: $31521.74
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.67
  • Year Built: 1975
  • Monthly Income Per Unit: $463.60
  • Expense to Income Ratio: 52.91 Percent
  • Average Square Feet: 765.22
  • Debt Service Coverage: 1.48
  • Cash Flow: 39261.31
  • ROI Year One: 13.54
  • Listing Agent: -
  • Property Features: Income Property Organization is pleased to present Chalet West Apartments, which consists of 46 units, and is located in Manistee, Michigan. Chalet West has an attractive mix of studio, 1 and 2 bedroom floor plans, with tenant-paid electric baseboard heat. The property is currently operated under the Rural Development Program, but can be converted to a market-rate community in 2009. Our sales comparables reveal that Chalet West is being offered for significantly less than the market data average of $43,443 per unit. Additionally, our rental comparables reveal that significant value can be added to the property via conversion to market-rate rents. The property is also an excellent candidate for low-income housing tax credits, and is eligible for both acquisition and rehabilitation credits, due to the current owner’s holding period of over ten years. Chalet West boasts a fantastic location in downtown Manistee. Lake Michigan is visible from the property, and the charming downtown shopping district is a short walk away. The Manistee River runs behind Chalet West, offering idyllic views of incoming and outgoing boats from Lake Michigan.
  • 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