$950000

James Marie Court Apartments
  • Units: 44
  • Cap Rate: 8.20 Percent
  • Price Paying: 38.39 sqft
  • Price Per Unit: $21590
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.46
  • Year Built: 1975
  • Monthly Income Per Unit: $381.49
  • Expense to Income Ratio: 55.24 Percent
  • Average Square Feet: 26,450
  • Debt Service Coverage: 1.58
  • Cash Flow: 33,147
  • ROI Year One: 12.05
  • Listing Agent: JT Teringo
  • Property Features: Income Property Organization is pleased to present James Marie Court Apartments (“James Marie”), which consists of 44 units and is located in Fostoria, Ohio. Fostoria, a population of more than 13,000 residents, is located at the convergence of Hancock, Seneca and Wood Counties in northwest Ohio. Fostoria is located near the junction of US-23 and US-224, approximately 40 miles southeast of Toledo, 20 miles northeast of Findlay and 90 miles northwest away from Columbus, the state capitol of Ohio. Several interstates and highways converge on this region, including I-75, US-23, US-224, SR-12, SR-18, SR-613 and SR-12. Also known for its railroads, more than 100 trains pass through Fostoria daily. This excellent location facilitates commutes and enables convenient access to all of north and central Ohio for residents and businesses alike. James Marie is a ranch-style apartment complex, which consists of seven buildings that were built in 1975, and is situated on approximately 2.83 acres of land. The buildings are comprised of 43 one-bedroom units (650 sq ft) and 1 two-bedroom unit (700 sq ft). One of the most attractive facets of the investment opportunity is the condition of the units and buildings. Notable for investors is the 98% occupancy, which is consistent with the historical operation of the property. Strong performance such as this can be attributed to location of the property, as well as the proximity to Fostoria High School, Portage, City and Gray Parks, Mottram and Lamberjack Lakes, ProMedica Hospital as well as other amenities- providing tenants ample retail, educational, healthcare and entertainment opportunities that are close to home. Current ownership has spent considerable amount of money - over $115,000 on big ticket items - including the replacement of all of the windows with new vinyl windows, re-paving of the parking lot, replacement of all roofs, replacement of all entry doors and much more. The property is outfitted with tenant-paid electric forced-air heating system. James Marie has been well taken care of throughout the years, as the same family has owned it since it was built, and have taken pride of ownership.
  • 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