$1671750

Lux Apartments
  • Units: 47
  • Cap Rate: 8.74 Percent
  • Price Paying: 56.00 sqft
  • Price Per Unit: $35,569
  • Property Type: Multi Family
  • Gross Rent Multiplier: 6.18
  • Year Built: -
  • Monthly Income Per Unit: $480.00
  • Expense to Income Ratio: 46.05 Percent
  • Average Square Feet: 29900
  • Debt Service Coverage: 1.72
  • Cash Flow: 61,127
  • ROI Year One: 14.63
  • Listing Agent: Jason Gardner
  • Property Features: The city of Grand Blanc occupies an area of 4 square miles and has a current population of 8,276. Located in southeast Genesee County, the city is located about 10 miles south of Flint and 60 miles north of Detroit. A few major thoroughfares are easily accessible from this area, including I-75, I-475 and M-54. This excellent location facilitates, commutes and enables convenient access to all of Mid-Michigan for residents and businesses alike. Lux Apartments is a garden-style community built in 1975. There are four buildings comprised of 47 one-bedroom units (650 ft.2). The property went through a major renovation between 2006-2008. Updates include new balconies, a new exterior façade, an intercom system and closed-in entrances. Another improvement that took place during those two years was an update of the storage units for each unit. Within the last five years, three new roofs have been installed and a property drainage system has been implemented. Lux Apartments is outfitted with tenant-paid electric baseboard heat and landlord-paid water and sewer.
  • 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