$3150000

Miller Greens Apartments
  • Units: 50
  • Cap Rate: 7.12 Percent
  • Price Paying: 65.29 sqft
  • Price Per Unit: $63000
  • Property Type: Multi Family
  • Gross Rent Multiplier: 7.51
  • Year Built: 1957
  • Monthly Income Per Unit: $702.92
  • Expense to Income Ratio: -
  • Average Square Feet: 970
  • Debt Service Coverage: 1.34
  • Cash Flow: $86,052
  • ROI Year One: 6.04%
  • Listing Agent: Greg Coulter & Joe Crane
  • Property Features: -
  • Interior Features: -
  • Exterior Features: -

Miller Greens Apartments & Townhomes is a complex built in 1954 & 1957, consisting of 8 buildings located just south of Nine Mile Road along Greenfield Road. It offers a unit mix of 62 enormous two-bedroom units with 900-1100 ft.2 of living space, and 3 large three-bedroom units with 1,250 ft.2 of living space. Notable for investors is the occupancy, which is currently at 100% and has maintained levels between 95-100% recently. Due to Miller Greens exceptional location, it provides tenants with numerous retail, educational, recreational, and entertainment opportunities that are close to home. Miller Greens has been well-maintained and this offering represents a turn-key investment for a multifamily investor. The property is outfitted with tenant-paid forced-air funaces.

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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