$1100000

Park High Apartments
  • Units: 96
  • Cap Rate: 12.02 Percent
  • Price Paying: 18.23 sqft
  • Price Per Unit: $11458.33
  • Property Type: Multi Family
  • Gross Rent Multiplier: 1.93
  • Year Built: 1965
  • Monthly Income Per Unit: $495.64
  • Expense to Income Ratio: 76.85 Percent
  • Average Square Feet: 628.52
  • Debt Service Coverage: 1.87
  • Cash Flow: 61376.87
  • ROI Year One: 22.32
  • Listing Agent: -
  • Property Features: Income Property Organization is pleased to present the exclusive marketing of The Park High Apartments, which consists of 96 units, and is located in Highland Park, Michigan. The Park High Apartments is situated off of John R. Street, just East one block of Woodward Avenue & North of the Davison Fwy., which I-75 is conveniently blocks away. Also the property is very close to Highland Park’s historic Model T district which has entertainment, shopping & dinning. As for the property itself, the Park High apartments is a garden-style building, consisting of a good unit mix of Studio’s (23), One Bedrooms (49) & Two Bedrooms (24) with ample square footages. The property also enjoys many amenities including a laundry, park space & ample parking. Currently, the Park High is positioned as a strong turnaround opportunity at a value add price. This property is poised for growth by obtaining managerial efficiencies not currently in place as well as the potential for future rental gains through unit upgrading & strategic capital improvements. Thus, this asset can be acquired at a very attractive value. The economic reward will be significant for opportunistic investors with sufficient strength to acquire an asset such as The Park High Apartments in this once-in-a-lifetime buyers’ market.
  • 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