$2050000

Marwood Apartments
  • Units: 53
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1924 / Renovated 2009
  • Monthly Income Per Unit: -
  • Expense to Income Ratio: -
  • Average Square Feet: 33,265
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: Greg Coulter
  • Property Features: -
  • Interior Features: The Marwood Apartments has a diversified unit mix with one, two and three-bedroom floorplans. Marwood Apartments is also located immediately adjacent to Woodward Avenue and within ¼ a mile of the M1 Rail Line currently under construction. Community amenities at Marwood Apartments include free Wi-Fi, on-site Laundry, and telecom/secure entry, so that a tenant could park their car and walk to their unit while surrounded by a security fence at all times. Current units, however, lack much of the interior amenities premium tenants seek, such as dishwashers, stainless steel appliances and granite countertops, and as a result, rental rates are substantially below upgraded properties in our rent comparable study. Because the infrastructure to support these upgrades is already in place, the value-add opportunity lies in upgrading these units at very attractive price points. Current ownership has renovated a one-bedroom unit at Marwood Apartments to showcase what an upgraded unit in the already-beautiful edifice could look like. Please see the enclosed materials for photos and video of the upgraded unit. Notably, this one-bedroom unit was leased in January, 2016 for $805 per month, clearly demonstrating the upside potential and rent growth opportunity the Marwood presents to savvy investors.
  • Exterior Features: -

Location


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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