$5400000

Hampton House Apartments
  • Units: 150
  • Cap Rate: 8.44 Percent
  • Price Paying: 60 sqft
  • Price Per Unit: $36000
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1972
  • Monthly Income Per Unit: $3040
  • Expense to Income Ratio: -
  • Average Square Feet: 600
  • Debt Service Coverage: 1.65
  • Cash Flow: 178962
  • ROI Year One: 13.26
  • Listing Agent: -
  • Property Features: -
  • Interior Features: Hampton House is a well-maintained community of fifteen apartment buildings and a clubhouse, all single story walk-up with private entrances, spread across a park-like 12-acre setting. The unit mix is simple: 150 one-bedroom units (600 sq ft), many upgraded. Hampton House was built in 1972 with a solid concrete slab, and has undergone various recent updates; including vinyl siding, roofs, and parking lots. The HVAC is outfitted with Landlord-paid, gas-forced air furnaces and Central Air for all fifteen buildings, and tenant-paid, separately-metered electricity. Amenities include private patios, community swimming pool, and sundeck. It’s also undergone some recent significant expenditures to keep the property in great shape. Two large sections of asphalt have been milled and replaced – $60,000; multiple HVAC units have been replaced as needed - $37,000; numerous roof replacements - $65,000; and this is on top of the routine capital expenditures, such as appliance and carpet replacement, and plumbing repairs. Hampton House is in excellent condition with no deferred maintenance.
  • 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