$1832000

Gibraltar Meadows
  • Units: 48
  • Cap Rate: 8.35 Percent
  • Price Paying: 47.71 sqft
  • Price Per Unit: $38,167
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.14
  • Year Built: 1967
  • Monthly Income Per Unit: $619.24
  • Expense to Income Ratio: 57.11 Percent
  • Average Square Feet: 38,400
  • Debt Service Coverage: 1.69
  • Cash Flow: 62,539
  • ROI Year One: 13.65
  • Listing Agent: Greg Coulter
  • Property Features: The city of Gibraltar has a total of 4.41 square miles with Trenton to the North, Grosse Isle Township to the East and Brownstown Township to the South and West. It is located about 25 miles Southwest of the City of Detroit. Gibraltar contains a number of marinas, canals, streams, rivers and the Humbug Marsh, which are the remains of the wetlands that used to line both sides of the Detroit River. Besides Gibraltar's natural beauty, it also offers a historical museum and a multitude of restaurants surrounding the area. Gibraltar Meadows Apartments contains 48 units in the downriver community of Gibraltar, which has a population of over 11,000 people. The unit breakdown consists of 24 one-bedroom units (700 sq ft) and 24 spacious two-bedroom units (900 sq ft). Tenants pay for the electricity, while the landlord pays for the gas-forced air and hot-water baseboard heat. Gibraltar also boasts an impressive 97% occupancy level.
  • 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