$1200000

Covington Terrace Townhomes
  • Units: 24
  • Cap Rate: 8.50% Percent
  • Price Paying: $37.04 sqft
  • Price Per Unit: $50,000
  • Property Type: Multi Family
  • Gross Rent Multiplier: 6.10
  • Year Built: 1948
  • Monthly Income Per Unit: $683
  • Expense to Income Ratio: 48.13% Percent
  • Average Square Feet: 1,350
  • Debt Service Coverage: 1.62
  • Cash Flow: $38,858
  • ROI Year One: 12.95%
  • Listing Agent: Jason Gardner
  • Property Features: Covington Terrace is a 2-story townhouse apartment building with separate entrances, located in Palmer park off Second Ave just west of Woodward Ave and just north of McNichols Rd in Detroit, Michigan. Covington Terrace consists of 24-1,350 sq. ft. 2-Bed/1-Bath units. Covington Terrace has had many capital improvements including the following: new roof & gutters 2013, new furnaces in 8 units and dedicated service upgrades, new vinyl windows within the last ten years, tuck pointing & step replacement, re-insulated walls and attics and many others. Covington Terrace offers hard to find townhome living in Palmer Park. Each unit features full basements and washer/ dryer hookups. The privacy of separate entrances, and convenience of the townhome layout are rare amenities that drive lower turnover and high rental rates. Brick exterior lends itself to lower operating costs. The location to public bus lines and the future expansion of the light rail bring the world to your doorstep.
  • 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