$925000

Majestic Manor
  • Units: 80
  • Cap Rate: 6.68 Percent
  • Price Paying: 22 sqft
  • Price Per Unit: $11,563
  • Property Type: Multi Family
  • Gross Rent Multiplier: 2.69
  • Year Built: 1929
  • Monthly Income Per Unit: $358
  • Expense to Income Ratio: 82.03 Percent
  • Average Square Feet: 42,350
  • Debt Service Coverage: 1.59
  • Cash Flow: 22,866
  • ROI Year One: 6.18
  • Listing Agent: Jason Gardner
  • Property Features: Majestic Manor is a four-story, 80-unit complex built in 1929. The community features three different floor plans: studio/one bath (500 sq ft), one-bedroom/one bath (600 sq ft) and two-bedroom/one bath (750 sq ft). The major Mechanical/ Building systems include hot-water baseboard heat, ample parking and laundry facilities. Utility structure entails gas (landlord-paid), electric (tenant-paid) and municipal water & sewer (landlord-paid). The complex is currently 75% occupied (committed) with significantly below-market rents due to the recent renovation. This offering is highlighted by the opportunity to significantly grow the NOI by raising rental rates to comparable levels and increasing occupancy. Rent Comparable studies indicate rates are below market between $55-$199 per month depending on the floor plan. Majestic Manor has been brought to the market at a price of $999,000 and presents an opportunity for a great cash sale at below-market pricing.
  • 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