$5050000

Greenfield Portfolio
  • Units: 187
  • Cap Rate: 9.11 Percent
  • Price Paying: 39 sqft
  • Price Per Unit: $27,005
  • Property Type: Multi Family
  • Gross Rent Multiplier: 4.06
  • Year Built: -
  • Monthly Income Per Unit: $554
  • Expense to Income Ratio: 63.00 Percent
  • Average Square Feet: 129,954
  • Debt Service Coverage: 2.05
  • Cash Flow: 235,604
  • ROI Year One: 15.55%
  • Listing Agent: J.J. Zwada
  • Property Features: Income Property Organization is pleased to present the exclusive marketing of the Greenfield Multifamily Portfolio, which consists of 4 apartment communities totaling 187 units, and is located in Detroit, Michigan. Three of the four properties are strategically located along the Greenfield corridor and the remaining property is in close proximity located along Berg road near the border of Detroit and Redford Township. This offering is comprised of four apartment communities: Harvard House Apartments (60 units), Greenview Apartments (33 units), Westfield Apartments (54 units), and River Park Apartments (40 units). The portfolio is well diversified in terms of both product type and location, including both garden, California, and mid-rise style buildings. Economies of scale are achieved by virtue of their close proximity, which is predominately concentrated along the Greenfield corridor. With respect to financial performance, the portfolio is performing exceptionally well and each property is continuing to trend in a positive direction with respect to occupancy and rental rates. Currently the portfolio as a whole is operating at 90% physical occupancy and 96% economic occupancy (due to pending move-ins). Rental rates are consistent with the low-end of the market average at roughly 77¢ per square foot, leaving room for a new owner to add significant value through rental rate increases. From a physical standpoint the entire portfolio is in excellent condition as a result of ownerships historic and continued capital improvement program. Over the course of the last six years ownership has invested well over $1.1M into the properties for improvements such as windows, high-efficiency boilers (85-95% rated), roofs, kitchen cabinets, appliances, exterior lighting and landscaping (please see page 8 for a detailed breakdown of improvements by property). Based on both the financial and physical factors surrounding this portfolio, it truly offers investors a turn-key operation, with upside potential.
  • 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