$595000

Creekside Townhomes
  • Units: 61
  • Cap Rate: 19.66 Percent
  • Price Paying: 13.52 sqft
  • Price Per Unit: $9754
  • Property Type: Multi Family
  • Gross Rent Multiplier: 1.79
  • Year Built: 1965
  • Monthly Income Per Unit: $454.61
  • Expense to Income Ratio: 64.85 Percent
  • Average Square Feet: 721.31
  • Debt Service Coverage: 3.27
  • Cash Flow: 81178
  • ROI Year One: 45.48
  • Listing Agent: -
  • Property Features: Income Property Organization is pleased to present the exclusive marketing of Creekside Townhomes, which consists of 61 units, and is located in Flint, Michigan. Creekside Townhomes are strategically situated in the southeast corner of Flint just off Atherton Road. Flint is Michigan’s 4th largest city, with a population of approximately 110,000 residents. Major employers in Flint include General Motors, Genesys Health System and McLaren Regional Medical Center, which is currently in the process of a $42 million dollar expansion. Flint has repositioned its economy over the last decade, with a focus on the health care industry and higher education. Educational institutions in Flint include the University of Michigan Flint, Kettering University, Mott Community College, and Baker College. Additionally, during this period the downtown has experienced significant revitalization, with the rehabilitation of many buildings along with the creation of new businesses. The Flint Cultural Center includes landmark community institutions such as the Flint Institute of Arts, Flint Public Library, The Whiting Theatre, Flint Institute of Music, Longway Planetarium, and many more cultural opportunities. The Cultural Center district has seen over $25,000,000 in reinvestment over the past few years. As for the property itself, Creekside is a townhome-style complex constructed in 1965. The property is outfitted with a landlord-paid, hot-water baseboard heating system and the units are separately metered for electricity. Over recent years the property has seen significant capital improvements such as upgrades to the units, mechanicals, major building components, common areas and exterior, which a Purchase can benefit from for years to come. The complex is well-located with immediate access to major area thoroughfares such as I-475, I-69 and M-54, enabling residents convenient commutes for employment or personal travel. The townhome floor plans are quite spacious and feature basements with washer & dryer hook-ups. Additional amenities that residents find enticing are private entrances, updated appliances and the abundance of retail and shopping found off nearby Dort Highway. Creekside is currently 76% occupied and presents a value-add opportunity for a Purchaser. With an asking price of $595,000, or $9,750 per unit, this is an attractive offering that is priced well below both replacement cost and recent comparable sales. With a 2011 NOI of $116,985, this offering reflects a staggering 19.66% cap rate with a cash-on-cash return in excess of 45%. With both current interest rates and pricing at record lows, now is the time for opportunistic acquisitions as the economy begins to return to normalized conditions. Creekside is a multifamily asset that can be acquired at an artificially low value due to the significant economic downturn which has compressed value across the nation, and in particular in Michigan. The economic reward will be significant for opportunistic investors with ample liquidity to acquire assets such as Creekside in this once-in-a-lifetime buyers’ market.
  • 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