$906250

Grove Apartments
  • Units: 37
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1965
  • Monthly Income Per Unit: $493.77
  • Expense to Income Ratio: 58.35 Percent
  • Average Square Feet: 26,770
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: Greg Coulter
  • Property Features: The 37 unit Grove Apartments were built in 1965 and consist of two California-style buildings and one single-family house that was converted into two units. The property is comprised of 36, 600-730 ft.2 one-bedroom/one-bath units, and one 800 ft.2 two-bedroom/one-bath unit. Heat at the property is supplied by a landlord-paid, gas-fired boiler system and the in-unit electricity is separately-metered and the responsibility of the tenant. IPO observed during our site tour that the boiler system is “daisy-chained” and if a new owner wanted to separately meter the heating expense and pass it onto the tenant, it would be a relatively simple and cost effective process. Over the years the Grove Apartments have been exceptionally well maintained by current ownership and recently received a freshly painted exterior, a new parking lot and two newer boilers (in the larger building).
  • Interior Features: -
  • Exterior Features: -

Location


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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