$1200000

Park Layne Apartments
  • Units: 40
  • Cap Rate: 9.14 Percent
  • Price Paying: 38.46 sqft
  • Price Per Unit: $30000
  • Property Type: Multi Family
  • Gross Rent Multiplier: 4.44
  • Year Built: 1958
  • Monthly Income Per Unit: $563.37
  • Expense to Income Ratio: 68.19 Percent
  • Average Square Feet: 780
  • Debt Service Coverage: 1.78
  • Cash Flow: 48,067
  • ROI Year One: 16.02
  • Listing Agent: Greg Coulter
  • Property Features: Park Layne Apartments is a set of 3 nicely-constructed brick buildings built in 1958 on 2.3 acres in Warren off of legendary 8 Mile Road. Park Layne offers 21 one-bedroom units (17 at 725 sq ft, 4 at 800 sq ft) and 19 two-bedroom units (825 sq ft).

    Notable for investors are the rents being substantially below market: one-bedroom units are $71 below market and the two-bedroom units are $137 below market, which offers tremendous upside potential.

    With it's location off of 8 Mile Road and Van Dyke, Park Layne offers easy access to all of Metro Detroit with the use of 8 Mile, Gratiot, I-696, or M-53, making it easy to reach big-box retailers, community colleges, and large manufacturing facilities that are prevalent throughout the area.
  • 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.
  • Contact Us

    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301