$1300000

Colonial Manor
  • Units: 36
  • Cap Rate: 10 Percent
  • Price Paying: -
  • Price Per Unit: $36,111
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1965
  • Monthly Income Per Unit: $717.86
  • Expense to Income Ratio: 47.51 Percent
  • Average Square Feet: 55,944
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: AJ Beachum, JD
  • Property Features: Colonial Manor is a townhome-style complex, comprised of 36 massive 1,554 ft.2 three-bedroom, 1½ bath townhome units, build between 1965-1969 and spread across 2.14 acres. There have been significant recent capital expenditures totaling over $435,000 and includes the replacement of nearly all of the roofs, brand new furnaces and windows in 2008. In addition to these large ticket items, the Owner has also completed the partial replacement of A/C units, carpets, appliances, entry steps, insulation, and parapet wall flue liners. The property has several features that are noteworthy for investors, including tenant-paid, gas-forced air heat and tenant-paid electricity. Colonial Manor entails a lean operation with lower expenses than competitors due to the utility structure and lack of common areas. The amenities at this attractive community include private entrances, full basements, separate dining rooms, two levels, carports, dishwashers, and in-unit laundry hook-ups. Colonial Manor is located just off King Road, in the established Southfield Village subdivision, minutes from healthcare, education, shopping, parks, and the library. Additionally, Colonial Manor is located less than 20 miles from MBS International Airport and less than 30 miles from Flint Bishop International Airport, which services more than 250,000 and 850,000 passengers yearly.
  • Interior Features: -
  • Exterior Features: -

Location


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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