$1175000

Detroit Morang Gardens Apartments
  • Units: 56
  • Cap Rate: 11.68 Percent
  • Price Paying: 34.65 sqft
  • Price Per Unit: $20,982
  • Property Type: Multi Family
  • Gross Rent Multiplier: 3.43
  • Year Built: 1956
  • Monthly Income Per Unit: $607
  • Expense to Income Ratio: 59.90 Percent
  • Average Square Feet: 710
  • Debt Service Coverage: 2.29
  • Cash Flow: $92,210
  • ROI Year One: 21.95%
  • Listing Agent: Jason Gardner, Bruce Lister
  • Property Features: Morang Apartments & Morang Gardens are located off Morang Avenue between Kelly Road & I-94. This excellent Detroit location is just minutes from downtown Detroit and within easy access to I-94 and Gratiot Avenue. Morang Apartments is the larger of the two properties, which has 24 one-bedroom units (650 ft2) and 8 two-bedroom units (775 ft2), which was built in 1955. Attractive features at this property include on-site laundry and ample secured parking. Some of these units include their own wall heater and AC units. The electric is separately metered and the responsibility of the tenant. The owner has put in some major capital improvements: updated the roofs, gutters, and siding and installed an 8 foot fence around the property. The Morang Gardens building consists of 24 units and is located across the street from the Morang Apartments. The property is a low-rise, garden-style building with a courtyard, which was built in 1956. This building consists of 24 two-bedroom units (775 ft2). Attractive features at this property include on-site laundry and ample secured parking. The property is outfitted with a landlord-paid hot-water baseboard heating system and the electric is separately metered and the responsibility of the tenant. There is also an 8 foot fence around the property for security and the roofs have been replaced.
  • Interior Features: -
  • Exterior 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