$350000

Hillview Apartments
  • Units: 4
  • Cap Rate: 8.45 Percent
  • Price Paying: 87.50 sqft
  • Price Per Unit: $87,500
  • Property Type: Multi Family
  • Gross Rent Multiplier: 8.79
  • Year Built: 1965
  • Monthly Income Per Unit: $829.35
  • Expense to Income Ratio: 25.73 Percent
  • Average Square Feet: 1000
  • Debt Service Coverage: 1.4
  • Cash Flow: 8521
  • ROI Year One: 17.04
  • Listing Agent: Bruce Lister
  • Property Features: Hillview Apartments is located on 186-192 Summit View Court at the intersection of S Williams Lake Road and Elizabeth Lake Road. As a result of this exceptional location, residents have an abundance of employment, higher education, dining, shopping and entertainment options surrounding the community.
    The 4 unit Hillview Apartment was built in 1965 and consists of 1 ranch-style building, with walkout basements. The property contains a very attractive unit mix of four 1,000 ft.2 two-bedroom and 1 ½ baths units. The utility breakdown of this property includes tenant-paid, gas-forced air furnaces, individual hot-water tanks and tenant-paid electric. The water is the responsibility of the landlord. Notable for investors is the exceptional condition of this asset and the numerous upgrades it’s received, new entry doors, kitchen cabinets, door walls, windows, and hardwood floors in the walkout basements. The property also has an in ground sprinkler system. Over $50,000 has been invested into the property.
    The occupancy is currently at 100%, and this is consistent with the historical operations of the property which traditionally maintains levels between 95-100%. Strong occupancy such as this is mainly because of the aforementioned updates and location of the property.
    Hillview apartments is just a half miles away from Houghton Elementary School, and many big box retailers-providing tenants ample retail and educational opportunities that are close to home. This offering represents a turn-key investment for a multifamily investor.
  • 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