$2350000

Coolidge Oaks Apartments
  • Units: 44
  • Cap Rate: 9.86 Percent
  • Price Paying: 63.48 sqft
  • Price Per Unit: $53,409
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.43
  • Year Built: 1965
  • Monthly Income Per Unit: $819.65
  • Expense to Income Ratio: 46.46 Percent
  • Average Square Feet: 37,020
  • Debt Service Coverage: 2.07
  • Cash Flow: 119,781
  • ROI Year One: 20.39
  • Listing Agent: -
  • Property Features: Coolidge Oaks is a handsome, brick-clad community built in 1968 and spread across a scenic courtyard that includes an attractive mix of one, two, and three-bedroom floor plans. It is situated in a strategic location with high visibility along Coolidge Highway near 9 Mile Road, right in the heart of Oak Park. There are five garden-style buildings with flat roofs that feature hot-water baseboard heating systems (landlord-paid), two through-the-wall AC units per apartment, and separately metered electricity. The units are very spacious with one-bedroom floor plans at 705 sq ft ($720 per month), two-bedroom units at 802 sq ft ($800 per month) and three-bedrooms at an impressive 1,067 sq ft ($920 per month). There is also a $30 per month water fee charged on all units. There are 10 units with balconies that are each charged an additional $40 per month for a balcony fee. This tidy community has seen recent capital improvements with kitchens featuring white cabinetry, dishwashers, and laminate wood flooring. A new high-tech buzzer system was installed last year, which allows tenants to admit visitors using their cell phones. The new electronic key fob system provides additional security, allowing past tenants to be removed from the system after they move out and the key fob will no longer work. Bright LED outdoor lighting was installed throughout the entire complex two years ago so the property is well-lit at night. Noteworthy is the close distance of the Oak Park Police Department, which is located just down the street from the complex. Unit amenities include dishwashers, balconies in select units, wall-mounted air conditioning, wall-to-wall carpeting, and secured entry, while community amenities offer storage units, on-site laundry, 24-hour on-site maintenance and carports. Ownership owns all of the condo units in the complex and has the only vote for condo association matters. This offering presents an opportunity for an investor to enjoy solid cash-on-cash return if operated as rentals with the exciting opportunity to add-value and execute a condo sell-off down the road.
  • 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.
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    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301