$2950000

Parkside Apartments
  • Units: 138
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1968
  • Monthly Income Per Unit: -
  • Expense to Income Ratio: -
  • Average Square Feet: 90,765
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: -
  • Property Features: Parkside Apartments is comprised of 3 three-story garden-style buildings built in 1967 and spread across 2.56 acres. The buildings contain a competitive mix of studio bedrooms (550 sq. ft.), one-bedrooms (675 sq. ft.), and two-bedrooms (720 sq. ft.). Notable for investors is the occupancy, which is currently 95% on a pre-leased basis. Strong occupancy such as this is mainly because Parkside Apartments advertises itself with its exceptional location and quick access to Telegraph, where you can easily access I-96 and I-275. Outside of Parkside's excellent location the property also offers residents numerous amenities such as: on-site laundry facilities, gated community parking, intercom entry, trash removal, and air conditioning. Parkside is outfitted with landlord-paid heat and water. Currently the average rents at Parkside are $495 for one-bedroom units and $595 for two-bedroom units, whereas current rents in the surrounding area are set at $561 for one-bedroom units and $660 for two-bedroom units. It is imperative to note, that after a detailed rental study, it has come to our attention that rents at Parkside Apartments are still well below market averages.
  • 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