Country Meadows
  • Units: 267
  • Cap Rate: 7.19 Percent
  • Price Paying: 71.96 sqft
  • Price Per Unit: $52,434
  • Property Type: Multi Family
  • Gross Rent Multiplier: 6.02
  • Year Built: 1971
  • Monthly Income Per Unit: $726.01
  • Expense to Income Ratio: 56.74 Percent
  • Average Square Feet: 194,553
  • Debt Service Coverage: 1.41
  • Cash Flow: 293,098
  • ROI Year One: 10.47
  • Listing Agent: Greg Coulter
  • Property Features: The City of Ypsilanti is located in eastern Washtenaw County, approximately 35 miles west of Detroit, and eight miles east of Ann Arbor. Washtenaw County is Michigan’s fifth most populated county and as of the 2014 census estimate has a population of 356,874, whereas the City of Ypsilanti has a total population of 20,081. Notable for investors is the population growth over the last four years, which amounted to 2.6% in Ypsilanti and 3.4% in Washtenaw County. The median family income in Ypsilanti was most recently reported at $50,083 and the average home value is estimated at $155,300. The primary driver of the local economy is Eastern Michigan University (“EMU”), which has made its home in Ypsilanti since 1849 and currently employs nearly 2,000 people. Other major employers that reside in the greater Washtenaw County area include: The University of Michigan (in neighboring Ann Arbor), University of Michigan Medical Center, Trinity Health, Ann Arbor Public Schools, Toyota Technical Center, Thomson Reuters, and Washtenaw Community College. Country Meadows is located on Stevens Drive at the intersection of Stevens and S. Congress St.. As a result of this exceptional location residents have an abundance of employment, higher education, dining, shopping and entertainment options surrounding the community. Most notably is the property’s proximity to Eastern Michigan University (1¼ miles), Downtown Ypsilanti (1¼ miles), St. Joseph Mercy Hospital (2¼ miles), Ford Motor Company Rawsonville Plant (2¼ miles), Washtenaw Community College (2¾ miles), General Motors Willow Run Plant (5 miles), and Willow Run Airport (5 miles). In addition to these nearby schools, hospitals and employers, Country Meadows is located just over six miles southeast of downtown Ann Arbor, which is home to the world renowned University of Michigan. The 267 unit Country Meadows Apartments were built in 1971 and consist of nine two and half story garden-style buildings and a clubhouse. The property contains a very attractive unit mix of sixty-three 607 ft.2 one-bedroom units, thirty-six 637 ft.2 one–bedroom units, one-hundred and eight 780 ft.2 two-bedroom units and sixty 819 ft.2 two-bedroom units. Notable for investors is the $2.7M rehabilitation that was done to this property in 2011 that included the replacement of windows, gutters, siding, entry doors, lighting, landscaping, asphalt, AC units, signage and roofs. In addition to these major building components considerable work was also completed to the office, gym, community room, numerous residential units, underground plumbing and the hallways. The utility breakdown of this property includes landlord-paid, hot-water baseboard boilers and tenant-paid electric. Water at the property is the responsibility of the Landlord; however, management has established a water reimbursement program where one-bedroom units pay $21 per month in a water surcharge and two-bedroom units pay $26 per month. Over the course of the last few years, IPO has noticed that utility bill-back to tenants has become an industry standard and it is our professional opinion that the current charges at Country Meadows could easily be increased without having a detrimental effect to the competitiveness of this asset.
  • Interior 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