$1550000

Pines of Lapeer Apartments
  • Units: 100
  • Cap Rate: 11.24 Percent
  • Price Paying: 20.49 sqft
  • Price Per Unit: $16000
  • Property Type: Multi Family
  • Gross Rent Multiplier: 2.82
  • Year Built: 1972
  • Monthly Income Per Unit: $473.29
  • Expense to Income Ratio: 68.35 Percent
  • Average Square Feet: 780
  • Debt Service Coverage: 1.89
  • Cash Flow: 84776.41
  • ROI Year One: 21.19
  • Listing Agent: -
  • Property Features: Income Property Organization is pleased to present the exclusive marketing of The Pines of Lapeer Apartments, which consists of 100 units, and is located in Lapeer, Michigan. The Pines of Lapeer is situated off of Village West Drive, just west of the intersection of W. Oregon Street and M-24, which I-69 is conveniently only three miles away. The Pines is adjacent to Lapeer West High school and Zemmer Middle School, which both have received substantial renovation and improvements over the past few years. Also the property is very close to Lapeer’s historic downtown district which has entertainment, shopping & dinning. As for the property itself, the Pines of Lapeer is a garden-style building, consisting of majority 2-bedroom units (76%) with ample square footage (850 Square foot).The property also enjoys many amenities including a pool, clubhouse & picnic areas. Currently, the Pines of Lapeer 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 Pines of Lapeer 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