$8000000

Garfield Plaza
  • Units: 156
  • Cap Rate: 6.73 Percent
  • Price Paying: 61.87 sqft
  • Price Per Unit: $51,282
  • Property Type: Multi Family
  • Gross Rent Multiplier: 6.67
  • Year Built: 1975
  • Monthly Income Per Unit: $640.43
  • Expense to Income Ratio: 55.12 Percent
  • Average Square Feet: 129,300
  • Debt Service Coverage: 2.57
  • Cash Flow: 328,515
  • ROI Year One: 7.82
  • Listing Agent: Greg Coulter & A.J. Beachum, JD
  • Property Features: Garfield Plaza is comprised of 11, three-story garden-style buildings, built in 1975 and spread across 9.25 acres. The buildings contain a competitive mix of 9 studio units (400 ft2), 79 one-bedroom units (700 ft.2), 60 two-bedroom units (1,000 ft.2), and 8 three-bedroom units (1,300 ft2). Notable for investors is the occupancy, currently at 95%, which is consistent with historical averages. One major factor affecting the strong performance of this asset is its location, just off Garfield Road, which is a major thoroughfare connecting Utica Road and M-59 (two major arteries in the area). Another is the recent upgrades performed on many units, as well as the minimal deferred maintenance to the property. Garfield Plaza is located less than 1-mile away from shopping, banking and healthcare providers, also with a SMART bus stop adjacent to the property. Garfield Plaza has maintained a steady financial performance over the years, with a very high occupancy history. Several large capital improvements were undertaken in recent years, including a brand new pool, new siding, new windows, kitchen cabinets were replace in 135 units, steel supports for half of the balconies, aesthetic improvements to the grounds, and all roofs replaced in 1999. The property has several features that are beneficial for investors, including tenant-paid, gas-forced air heat and tenant-paid electrical. This entails a lean operation with lower expenses than competitors due to the utility structure and building designs. The amenities at this attractive community include: on-site laundry, central air, dishwashers, walk-in closets private balconies, covered parking, a swimming pool, clubhouse, and basketball/tennis courts.
  • 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