$1800000

Park East Apartments
  • Units: 45
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: $40,000
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1971
  • Monthly Income Per Unit: -
  • Expense to Income Ratio: -
  • Average Square Feet: 33,600
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: Greg Coulter
  • Property Features: Park East Apartments is a complex built in 1970, consisting of 1 building on 2.75 acres just north of 10 Mile Rd. at Hoover. It offers 12 one-bedroom units with 700 ft.^2 of living space, 24 large one-bedroom units with 750 ft.^2 of living space, and 9 two-bedroom units with 800 ft.^2 of living space. Notable for investors is the occupancy, which is currently at 100% and has maintained levels between 95-100% in recent years. Reasons for this assets strong occupancy is location, as well as the recent upgrades, and minimal deferred maintenance to the property. The property is located approximately one mile south of I-696. Due to this exceptional location, it provides tenants with numerous retail, educational, recreational, and entertainment opportunities that are close to home. Park East has been recently renovated to high-end standards and this offering represents a turn-key investment for a multifamily investor.
  • 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