$7450000

Newport Woods Apartments
  • Units: 144
  • Cap Rate: 7.00% Percent
  • Price Paying: 59.98 sqft
  • Price Per Unit: $51,736
  • Property Type: Multi Family
  • Gross Rent Multiplier: 6.07
  • Year Built: 1975
  • Monthly Income Per Unit: $710.68
  • Expense to Income Ratio: 52.57 Percent
  • Average Square Feet: 862.50
  • Debt Service Coverage: 1.53
  • Cash Flow: $181,577
  • ROI Year One: 9.75
  • Listing Agent: Greg Coulter
  • Property Features: Newport Woods is comprised of twelve 2½ -story Garden-style buildings situated on a site containing 15.6 acres. Amenities at the property include a pool, clubhouse, coin-operated laundry (all new machines in 2012), a park-like setting and plenty of parking. There is a very competitive mix of units at Newport Woods ranging from 650 Ft.2 one-bedrooms, to 950 Ft.2 two-bedroom units. The property is outfitted with landlord-paid, gas-forced air furnaces that have all been replaced over the course of the last five years. Additionally, numerous other capital improvements were completed on the property over the course of the last few years that include unit upgrades (over $100K), roof and gutter replacement (over $60K), clubhouse upgrades and pool repairs (over $50K).
  • Interior Features: OFFER DEADLINE: NOVEMBER 8, 2017. Newport Woods is comprised of twelve 2-story garden style buildings situated on a site containing 15.6 acres. Amenities include a pool, club-house, coin operating laundry, a park-like setting, and plenty of parking. There is also a competitive unit mix ranging from one bedroom to two bedroom units.
  • Exterior Features: -

Location


View Larger Map
  • IPO Social Media

    Follow us on Facebook!
    LinkedIn
    Tweet to us!
  • 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