- Units: 141
- Cap Rate: 11.02 Percent
- Price Paying: 21.26 sqft
- Price Per Unit: $16500
- Property Type: Multi Family
- Gross Rent Multiplier: 2.20
- Year Built: 1975
- Monthly Income Per Unit: $625.76
- Expense to Income Ratio: 75.79 Percent
- Average Square Feet: 776.13
- Debt Service Coverage: 1.77
- Cash Flow: 111618.35
- ROI Year One: 19.19
- Listing Agent: -
- Property Features: Income Property Organization is pleased to present the exclusive marketing of the Lake Pointe Apartments, a 141-unit complex located in Ypsilanti Township, Michigan.
Ypsilanti Township is situated in southern Washtenaw County, Michigan’s fifth most populated county with over 344,791 residents. The township itself is home to approximately 49,182 residents and is located 11 miles southeast of downtown Ann Arbor-the county’s most populated city. Washtenaw County is home to two of Michigan’s largest universities, the University of Michigan in Ann Arbor, and Eastern Michigan University in Ypsilanti, with an enrollment of 41,924 and 23,000 students, respectively. Due to the talent and research base these universities provide, Washtenaw County is home to many small and mid-sized technology and bio-med firms. The University of Michigan is the county’s top employer with approximately 26,241 employees. And the University of Michigan Health Center-which is one of the best hospitals in the country-is also a major source of employment in the area with over 21,271 employees.
As for the property itself, Lake Pointe is a nine-story, midrise-style building comprising 141 apartments. The property is situated along Bridge Road with frontage on all-sports Ford Lake. This location affords residents with beautiful lake views and easy access to I-94, the area’s major freeway. There is a very competitive unit mix at Lake Pointe, ranging from 650 Ft.2 one-bedrooms, to 877 Ft.2 two-bedrooms. The property is outfitted with a landlord-paid, forced-air boiler system, and a new rooftop-chiller system. Unit features include spacious floor plans, walk-in closets, dishwashers, and balconies. Amenities at the property include scenic lake views, lake access, a leasing office, coin-operated laundry, security intercoms, and plenty of parking with a fee-based parking garage. The major building components, common areas, and units are all in excellent condition.
Currently, Lake Pointe is 100% occupied and performing exceptionally well. Based on current economic occupancy and 2010 expense levels, Lake Pointe is poised for an NOI that exceeds $256,070. According to IPO’s rental survey, the rents at Lake Pointe are below market by approximately $27 on one-bedroom units and $64 on two-bedroom units. Thus, the NOI at Lake Pointe could grow substantially upon the successful completion of a rental rate increase.
Lake Pointe is a performing asset that can be acquired at a very attractive value due to the significant economic downturn which has compressed values across the nation, and in particular Michigan. This situation enables active buyers to acquire properties at compelling pricing. The economic reward will be significant for opportunistic investors with ample liquidity to acquire assets such as Lake Pointe in this once-in-a-lifetime buyers market.
Once you have had a chance to review the included information please call to set up a confidential showing before this well-priced opportunity is gone.
- Interior Features: -
- Exterior Features: -
View Larger Map