$939000

Counselor Apartments
  • Units: 28
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: 8.48
  • Year Built: 1928
  • Monthly Income Per Unit: $504.00
  • Expense to Income Ratio: 53.03 Percent
  • Average Square Feet: 14,225
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: Greg Coulter & Joe Crane
  • Property Features: Counselor Apartments is a complex built in 1927 by the famed R.S. Gerganoff responsible for the Ypsi-Ann building as well as the Rackham School on the EMU campus. The Counselor consists of 1 building on .018 acres two blocks north of E Michigan Ave. and one block west of N. Huron St. It offers 11, studio units with 355 ft.2 of living space, 14, one-bedroom units with 585 ft.2 of living space, and 3 two-bedroom units with 710 ft.2 of living space. Notable for investors is the occupancy, which is currently at 95% and has maintained levels between 95-100% recently. The property is located within walking distance to the Eastern Michigan University campus as well as downtown Ypsilanti. Due to this exceptional location, it provides tenants with numerous retail, educational, recreational, and entertainment opportunities that are close to home. The property is outfitted with a hot-water baseboard heating system, which was replaced in 1988. The hot-water heaters have recently been replaced. Like much of Ypsilanti, the property has street-parking available with parking pass. Counselor has a low-pitch shingled roof.
  • 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