$3665000

Hidden Village Townhomes
  • Units: 118
  • Cap Rate: 9.18 Percent
  • Price Paying: 31 sqft
  • Price Per Unit: $31,059
  • Property Type: Multi Family
  • Gross Rent Multiplier: 4.71
  • Year Built: 1972
  • Monthly Income Per Unit: $617
  • Expense to Income Ratio: 56.76 Percent
  • Average Square Feet: 996.05
  • Debt Service Coverage: 1.93
  • Cash Flow: $162,402
  • ROI Year One: 17.72
  • Listing Agent: Paul McHugh, J.D, J.T Teringo
  • Property Features: Hidden Village Townhomes is an attractive mix of two-and-three bedroom townhomes, spread out over 13 buildings, and is situated on approximately 6.50 acres of land. The buildings are comprised of 62 two-bedroom one bathroom units (949 ft.2), 24 three-bedroom one and a half bathroom units (983 ft.2), and 32 three-bedroom one and a half bathroom units (1097 ft2). Unique to this asset is the location; Hidden Village is tucked back in a quiet residential setting surrounded by single-family homes, and only minutes from major thoroughfares. Hidden Village is outfitted with Landlord-paid water and gas-forced air furnaces, as well as Tenant-paid electricity. Amenities at Hidden Village include private balconies and patios, backyards, play structures for the children, and on-site maintenance and management. Recent capital improvements are unit renovations as well as completely new roofs in 2013. With 13 buildings, this was a significant capital expenditure that new ownership will not be burdened with. Currently, the asset is 54% occupied. Since January 2017, 23 townhomes have been rented, with another 7 applications currently pending. Each new tenant must pass both a background check and credit check to ensure stabilization. Of the vacant units, 6 need a complete rehab, 10 are rent ready, and 39 need paint. Current ownership continues to get the townhomes ready and rented at a pace of 5 per month.
  • 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.
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    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301