$1237500

Grove Park Apartments
  • Units: 52
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1968-1972
  • Monthly Income Per Unit: $472.06
  • Expense to Income Ratio: 54.74% Percent
  • Average Square Feet: 35,200
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: AJ Beachum
  • Property Features: Grove Park is a garden-style community built between 1969 and 1972. There are six buildings: 4 one-bedroom buildings, and 2 two-bedroom buildings. The complex contains an excellent mix of 36 one-bedroom units (600 ft.2), and 16 two-bedroom units (850 ft.2). Notable for investors is the level of rehabilitation this asset has received over the last year, which includes: one new roof (flat roof on mansard building), roof repairs (three remaining mansard buildings), 25 complete unit remodels (paint, carpet, vinyl, plumbing & light fixtures), carpeted hallways, complete exterior painting, numerous new appliances, HVAC & Hot-water tank replacements/repairs, boiler upgrades & certification, new interior and exterior railings, numerous A/C units, landscaping, tree trimming, and the complete re-keying of the property to a new master lock system. All furnaces and hot-water tanks in one-bedroom units were inspected and certified in the spring of 2015. Please see the enclosed materials which provide greater detail on the $200,000 in recent capital improvements. In addition to these numerous upgrades it is also noteworthy for investors that Grove Park contains a very advantageous utility set-up, whereby the vast majority of units (all 36 one-bedroom units) are serviced by tenant-paid, gas-forced air furnaces. This set-up greatly reduces the utility expenses associated with the property.
  • Interior Features: -
  • Exterior Features: -

Location


View Larger Map
  • IPO Social Media

    Follow us on Facebook!
    LinkedIn
    Tweet to us!
  • 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