$850000

Eagle’s Landing
  • Units: 18
  • Cap Rate: 7.50 Percent
  • Price Paying: 97.72 sqft
  • Price Per Unit: $54,722
  • Property Type: Multi Family
  • Gross Rent Multiplier: 7.40
  • Year Built: 1976
  • Monthly Income Per Unit: $625
  • Expense to Income Ratio: -
  • Average Square Feet: 560
  • Debt Service Coverage: 1.50
  • Cash Flow: $24,584
  • ROI Year One: 9.98%
  • Listing Agent: JT Teringo, Joe Crane
  • Property Features: Eagle’s Landing is a garden/california-style complex built in 1976 and consists of 1 building. It offers a great unit mix of 6, one-bedroom units with approximately 500 ft.2 of living space and 12, two-bedroom units with approximately 590 ft.2 of living space. Notable for investors is the occupancy which is currently 100% and has maintained levels between 95-100% recently. One reason for that is the location, recent upgrades, as well as minimal deferred maintenance at the property. Eagle’s Landing is outfitted with tenant-paid electric baseboard for heating and electric sleeve units for air conditioning. A unique benefit of this asset from an investor standpoint is that the electricity is separately metered. The property is located less minutes away from both US-131 and I-94. Due to this exceptional location, it provides tenants with numerous retail, educational, recreational, and entertainment opportunities that are close to home. Eagle’s Landing has been well-maintained and this offering represents a turn-key investment for a multifamily investor.
  • Interior Features: -
  • Exterior Features: Schoolcraft is located in southwestern Michigan and is part of the Kalamazoo-Portage metropolitan area. The MSA is home to approximately 335,340 residents per the 2016 US Census estimate. Schoolcraft’s location provides easy access to both US-131 as well as I-94. The median family income was most recently reported at $33,009 and the average home value is estimated at $140,800. The economy in the Kalamazoo-Portage MSA benefits greatly from the three local colleges; however, the business landscape in Kalamazoo is highly diversified. Kalamazoo was once home to the pharmaceutical manufacturing giant Upjohn, which was founded in the city in 1886. Upjohn is now part of the Pfizer Corporation; however, most of Upjohn’s original facilities remain, many of which have been renovated. Pfizer’s Kalamazoo facilities currently employ roughly 3,500 workers and it is also Pfizer’s largest manufacturing facility in the world, as well as Pfizer’s global research headquarters for veterinary medicine. The Stryker Corporation, a Fortune 500 Medical Technologies firm, also calls Kalamazoo home. Stryker is one of the world’s largest producers of surgical equipment, implants and surgical navigation systems with global revenue over nine billion dollars. Currently Stryker employs over 22,000 people worldwide and over 2,500 in Kalamazoo.

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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