$1290000

Kirkwood Apartments
  • Units: 26
  • Cap Rate: 8.52 Percent
  • Price Paying: 64 sqft
  • Price Per Unit: $49,615
  • Property Type: Multi Family
  • Gross Rent Multiplier: 6.75
  • Year Built: 1916
  • Monthly Income Per Unit: $613
  • Expense to Income Ratio: 45.52 Percent
  • Average Square Feet: 777
  • Debt Service Coverage: 1.62
  • Cash Flow: $42,039
  • ROI Year One: 13.04%
  • Listing Agent: Jason Gardner
  • Property Features: -
  • Interior Features: -
  • Exterior Features: -

The Kirkwood is a 3-story low-rise apartment building located in The Midtown area, off Seward St just west of John C Lodge Freeway and just north of W Grand Blvd in Detroit, Michigan. The Kirkwood consists of 19-750 sq. ft. 2-Bed/1-Bath units and 7-850 sq. ft. 3-Bed/1 Bath units totaling 26 units. The Kirkwood was built in 1916 and most recently renovated in 1986. All units have their own tenant paid gas air forced furnaces and hot water tanks. This property offers itself to an incredible Midtown location that’s just blocks North of the Henry Ford Hospital and a very short distance to the Fisher Building and The Wayne State University Campus.

Location


View Larger Map
  • IPO Social Media

    Follow us on Facebook!
    LinkedIn
    Tweet to us!
  • 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