$3825000

Golfview Apartments
  • Units: 144
  • Cap Rate: 12 Percent
  • Price Paying: 33.55 sqft
  • Price Per Unit: $26,563
  • Property Type: Multi Family
  • Gross Rent Multiplier: 3.77
  • Year Built: 1975
  • Monthly Income Per Unit: $3,400
  • Expense to Income Ratio: -
  • Average Square Feet: 775
  • Debt Service Coverage: 2.59
  • Cash Flow: 300,894
  • ROI Year One: 31.47
  • Listing Agent: Greg Coulter
  • Property Features: -
  • Interior Features: Golfview offers a great mix of 24 one-bedroom units and 120 two-bedroom units. With rents ranging between $500 and $650, this asset offers great returns in a quiet rural setting. The city of Essexville is located in southern Bay County - directly east from Bay City - and makes up one of the three “Tri-Cities” in the region, which also includes Saginaw and Midland, and is home to approximately 398,482 residents. Essexville is conveniently located close to the juncture of U.S.-10 and I-75, between three of the 50 largest cities in Michigan. This excellent location facilitates commutes and enables convenient access to all of Mid-Michigan for residents and businesses alike. The Tri-Cities is a diverse community that offers residents a dynamic living environment with mix of urban conveniences and suburban comforts and tranquility. The local economy is equally well-diversified, with economic anchors such as Industry- Dow Chemical (6,000 employees), Dow Corning (2,750 employees), General Motors, SC Johnson and Big Chief Sugar; Higher Education- Saginaw Valley State, Northwood University and Delta College; and Healthcare- MidMichigan Health System (4,300 employees), Covenant HealthCare (3,450 employees) and St. Mary’s of Michigan (2,650 employees). Based on 2012 data, the median household income in the Essexville is $47,691, and the average home value is $127,626.
  • 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