$875000

Grand Pointe Apartments
  • Units: 48
  • Cap Rate: 11.07 Percent
  • Price Paying: 24.86 sqft
  • Price Per Unit: $18229
  • Property Type: Multi Family
  • Gross Rent Multiplier: 3.21
  • Year Built: 1969
  • Monthly Income Per Unit: $473.64
  • Expense to Income Ratio: 64.48 Percent
  • Average Square Feet: 733.33
  • Debt Service Coverage: 1.83
  • Cash Flow: 44027
  • ROI Year One: 20.13
  • Listing Agent: -
  • Property Features: Income Property Organization is pleased to present the exclusive marketing of Grande Pointe Apartments, which consists of 48 units, and is located in Grand Blanc, Michigan. Situated less than a half mile from charming downtown Grand Blanc, Grande Pointe Apartments affords residents a scenic location on a 2.6 acre parcel, with mature trees and plenty of green space surrounding the complex. Amenities such as central air, on-site laundry facilities and the best school district in Genesee County make Grande Pointe an attractive place to call home. Grand Blanc has been perhaps the most desirable and affluent community in all of Genesee County over the past 15 years. This is due to the small-town character of the city that simultaneously affords residents all the retail, shopping and entertainment opportunities found in larger metropolitan areas. This strong quality of life and community pride ensures that Grand Blanc will remain a vibrant and sought-after place to live for many years to come Furthermore, Grand Blanc is strategically located, with immediate access to the major thoroughfares in the area, including I-75, I-475, I-69, US-23, and M-54, as well as nearby Bishop International Airport. This location creates shorter commute times for tenants to employment sources and for personal travel. With Grand Blanc being located between Detroit & Flint, the proximity of Grande Pointe to area expressways enables an owner to draw tenants who commute to remote locations for employment. As for the property, the advantageous unit mix of 4 one-bedroom units and 44 two-bedroom units is important in the current market place in light of cost-conscious tenants. Notably, heat and electricity is tenant-paid, and units are equipped with gas-forced air furnaces. The property was retrofitted with the furnaces approximately 15 years ago, thus there is substantial life left on the heating system. The major building components are all in sound condition per a recent property inspection. Domestic hot water is provided by a gas-fired 80-gallon hot-water tank in each building. Additional capital improvements include vinyl replacement windows, newly replaced concrete front and back porches for each building, grade and drainage improvements, among other capital outlays. Our rental survey indicates the current rates are substantially below market, and a campaign to raise rents to market levels has been implemented. The ownership has priced this asset in a competitive manor, even in light of the current soft market conditions. This offering affords a multifamily investor the opportunity to acquire a well maintained asset with significant upside potential an artificially low value due to the current economic landscape. The financial reward for the ultimate purchaser will be significant with a cash-on-cash return in excess of 20%, coupled with substantial capital gains on resale.
  • 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.
  • Contact Us

    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301