$8160000

Old Orchard by the Bay
  • Units: 228
  • Cap Rate: 8.36 Percent
  • Price Paying: 34.29 sqft
  • Price Per Unit: $35,789
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.34
  • Year Built: 1975
  • Monthly Income Per Unit: $558.74
  • Expense to Income Ratio: 55.40 Percent
  • Average Square Feet: 237,996
  • Debt Service Coverage: 1.63
  • Cash Flow: 263,167
  • ROI Year One: 12.90
  • Listing Agent: Greg Coulter & JT Teringo
  • Property Features: The city of Essexville is located in southern Bay County, directly east from Bay City, and makes up one of the three “Tri-Cities” in the region, which also includes Saginaw and Midland, and is home to approximately 398,482 residents. Essexville is conveniently located close to the juncture of U.S.-10 and I-75, between three of the 50 largest cities in Michigan. This excellent location facilitates commutes and enables convenient access to all of Mid-Michigan for residents and businesses alike. Old Orchard is a combination of townhome and garden-style apartments built in 1975. There are 13 (12 buildings and one office/clubhouse) buildings comprised of an excellent mix of 36 one-bedroom units (700 ft.2), 168 two-bedroom units (1,011-1,220 ft.2), and 24 three-bedroom units (1,240 ft.2). One of the most attractive facets of the investment opportunity is the pristine condition of the units and buildings. Since acquiring in 1979, ownership has meticulously maintained the asset. Significant capital improvements include: replacement of all furnaces and roofs in the past 15 years, the replacement of many appliances, siding, exterior painting as well as parking lot repair and replacement in the past several years. Aside from the overall curb appeal and strong occupancy this provides Old Orchard, the impeccable condition means that cash flow from the investment will not be diminished by any near term capital expenditures. This is truly a turn-key operation with no deferred maintenance. In addition to these upgrades it is also noteworthy for investors that Old Orchard contains a very advantageous utility set-up, whereby the units are serviced by tenant-paid gas and electricity, as well as separately metered water for the townhomes. This set-up greatly reduces the utility expenses associated with the property.
  • 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