$785000

Ithaca Apartments
  • Units: 28
  • Cap Rate: 12.57 Percent
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1973-1978
  • Monthly Income Per Unit: $560.10
  • Expense to Income Ratio: 47.59 Percent
  • Average Square Feet: 20,800
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: JT Teringo
  • Property Features: Ithaca Apartments are a low-rise apartment complex built in three phases between 1973 and 1978. The buildings contain an excellent mix of, 4, one-bedroom (600 ft.2), 20 two-bedroom units (750 ft.2), and 4 two-bedroom townhome units (900 ft.2). Notable for investors is the recent capital expenditures/ updates and occupancy, which is currently at 100%. This has been consistent over the past year, due to the newly hired on-site property manager. Strong occupancy such as this is mainly because of the aforementioned updates, manager and location of the buildings, off of Ithaca’s major thoroughfare N. Pine River Street or Business-127. Ithaca Apartments are less than a mile away from Downtown Ithaca, North Elementary and Ithaca High Schools, Woodland and McNabb Parks and many other retailers- providing tenants ample retail, educational and entertainment opportunities that are close to home. Ithaca has been well-maintained and this offering represents a turn-key investment for a multifamily investor. Several improvements were undertaken in recent years, a partial roof repair in 2013, interior updates include laminate flooring in the living rooms, tile flooring in the kitchens of many units, new carpeting in the common areas and two and two new hot water tanks. Additionally, the property is equipped with tenant-paid heat in eight of the units, as well as tenant-paid electricity in all of the units.
  • 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.
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    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301