$2200000

Metro Park
  • Units: 81
  • Cap Rate: 7.70 Percent
  • Price Paying: 44.51 sqft
  • Price Per Unit: $33,951
  • Property Type: Multi Family
  • Gross Rent Multiplier: 6.15
  • Year Built: 1978
  • Monthly Income Per Unit: $460.02
  • Expense to Income Ratio: 52.67 Percent
  • Average Square Feet: -
  • Debt Service Coverage: 1.53
  • Cash Flow: 73,230
  • ROI Year One: 10.65%
  • Listing Agent: -
  • Property Features: Metro Park Apartments contains 81 rent-able units in the downriver community of Gibraltar, which has a population of over 11,000 people. The unit breakdown consists of 46 large, one-bedroom units and 35 spacious two-bedroom units. Tenants pay for all utilities except common water. The property has maintained an occupancy level in the high 90's for most of its history. Over two-thirds of the current tenancy have been with the property for 6 years or longer. Many updates have been completed to the property over the past 6 years, which will allow for an easy transition for a new owner. Recent improvements include hot water tanks, 75% of furnaces and AC units, hallway painting, hallway doors, seal coating, and 15 patios framed and recast. In addition to recent improvements, the current owner has obtained approvals to construct 40 storage units adjacent to the office.
  • Interior Features: -
  • 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.
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    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301