$1098000

Greenfield Terrace Apartments
  • Units: 100
  • Cap Rate: 11.05 Percent
  • Price Paying: 9.66 sqft
  • Price Per Unit: $6500
  • Property Type: Multi Family
  • Gross Rent Multiplier: 1.42
  • Year Built: 1964
  • Monthly Income Per Unit: $382.63
  • Expense to Income Ratio: 84.35 Percent
  • Average Square Feet: 672.61
  • Debt Service Coverage: 2.01
  • Cash Flow: 36174.65
  • ROI Year One: 18.55
  • Listing Agent: -
  • Property Features: Income Property Organization is pleased to announce that we have been retained as the exclusive marketing agent for Greenfield Terrace Apartments which consists of 100 units, and is located in Detroit, MI. Greenfield Terrace Apartments is comprised of 5 buildings containing a total of seventy-seven 1-bedroom and twenty-three 2-bedroom units. The property is outfitted with a Landlord-paid hot water baseboard heating system, and one of the three boiler systems has been replaced within the last few years. Property amenities include plenty of parking and onsite coin-operated laundry. With Greenfield Terrace’s location along Greenfield Road between Outer Drive & McNichols, tenants enjoy easy access to numerous employment and retail opportunities in the area. As an additional convenience the property is located only minutes from the John C. Lodge Freeway, which provides easy access to both downtown Detroit and the suburbs. Currently Greenfield Terrace is 54% occupied; however, all existing tenants are current on rent. The remaining vacant units at Greenfield Terrace are in moderate to good condition and in most instances require very little work before becoming rent ready. Of additional importance is the fact that Greenfield Terrace enjoys the luxury of being located in one of the most densely populated areas of Detroit, with approximately 8,219 people per square mile. With such a large population it is IPO’s professional opinion that the purchaser of this asset will be able to quickly and efficiently achieve stabilized occupancy. This belief is further supported by the fact that the 56 unit Westfield Apartments, which is located directly across the street from Greenfield Terrace, increased occupancy from 30% to 98% in a matter of three months after rehabilitation of the asset. Greenfield Terrace is a sub-performing asset that can be acquired at a very attractive value due to the significant economic downturn which has compressed values across the nation, and in particular Michigan. This situation is exacerbated by a lack of available credit, allowing active buyers to acquire properties at compelling pricing. The economic reward will be significant for opportunistic investors with ample liquidity to acquire assets such as Greenfield Terrace in this once-in-a-lifetime buyers market. Once you have had a chance to review the included information please call to set up a confidential showing before this aggressively priced opportunity is gone.
  • 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