$1719000

Covington Cove Apartments
  • Units: 49
  • Cap Rate: 8.99 Percent
  • Price Paying: 49.47 sqft
  • Price Per Unit: $35082
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.96
  • Year Built: 1950/1968
  • Monthly Income Per Unit: $3154
  • Expense to Income Ratio: -
  • Average Square Feet: 683
  • Debt Service Coverage: 1.77
  • Cash Flow: 67258
  • ROI Year One: 15.65
  • Listing Agent: -
  • Property Features: Covington Cove is a handsome, brick-clad community comprised of nine apartment buildings (eight of the buildings are 5,786 sq ft and one building is 3,944 sq ft) along with a commercial building featuring eight suites and a rental office, all spread over 3 acres in a beautiful courtyard setting. The unit mix entails 40 spacious two-bedroom units (800 sq ft) and 1 large three-bedroom unit (1,000 sq ft) that is located above the office. The eight commercial suites range from 200-300 sq ft and are currently occupied by salons and barber shops, all long-term tenants. There is an additional 2,092 sq ft of partially finished space in the basement of the commercial building that presents an opportunity for an investor to convert to living space or a heated maintenance shop.

    Covington Cove is very well-located near the intersection of State Street and Center Road, in the heart of the primary retail corridor for the Saginaw area as evidenced by an array of big-box retailers including Walmart, Kroger, Walgreens, a United States Post Office, an abundance of eateries, and a host of credit unions and banks. Other community features of interest include nearby Heritage High School and Nouvel Catholic High School, as well as two elementary schools. Higher Education opportunities are also nearby, including Saginaw Valley State University, Delta College and Central Michigan University. Located in Saginaw Township, this clean and well-maintained asset - boasting 100% occupancy - is a great acquisition to any portfolio.
  • 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