$825000

Eastpointe Apartments
  • Units: 20
  • Cap Rate: 8.43 Percent
  • Price Paying: 61.11 sqft
  • Price Per Unit: $41,250
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.85
  • Year Built: 1969
  • Monthly Income Per Unit: $3,476
  • Expense to Income Ratio: 36.80 Percent
  • Average Square Feet: 675
  • Debt Service Coverage: 1.71
  • Cash Flow: 28,811
  • ROI Year One: 13.97
  • Listing Agent: Greg Coulter
  • Property Features: Eastpointe Apartments are located on E Ten Mile road between Hayes Rd and Gratiot Ave, directly one mile south of I-696 and just west of I-94, making it quick and simple to access all major thoroughfares. With its proximity to expressways and major avenues, Eastpointe is merely minutes away from Lake St. Clair, and all the restaurants and retail that come with it. With its excellent location and proximity to thoroughfares, tenants can reach prospering Detroit in minutes, which offers big-city conveniences and major universities like Wayne State along with small-town amenities such as the Eastern Market.

    Eastpointe Apartments is a California-style apartment complex constructed in 1969 and comprised of spacious units that are ideal for singles or young couples. The unit mix consists of 10 one-bedroom units (600 ft.2) and 10 two-bedroom units (750 ft.2), although one is currently being used as an office.

    The tenants are responsible for heat, electricity, and air conditioning. The landlord is responsible for water and sewer charges. Amenities include a secured-and-monitored parking lot, new plumbing, windows, and recently-renovated units, which makes this a prime investment asset.
  • Interior Features: -
  • Exterior Features: -

Location


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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