$6474000

Pines of Pennfield
  • Units: 268
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1966
  • Monthly Income Per Unit: -
  • Expense to Income Ratio: -
  • Average Square Feet: 200,475
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: Greg Coulter
  • Property Features: Pennfield is a combination garden and townhome-style complex built in 1966. The buildings contain a diverse mix of 17 studios (500-650 ft.2), 174 one-bedrooms (700 ft.2), 64 two-bedrooms (800-850 ft.2), 1 one-bedroom townhome (1,225 ft.2), 6 two-bedroom townhomes (1,325 ft.2), and 5 enormous three-bedroom townhomes (1,400 ft.2). Notable for investors is the occupancy, which is currently at 90% and trending upwards with considerable leasing activity being generated in the last few months. Strong occupancy such as this is mainly because Pennfield advertises itself, per the January Leasing report a combined 29% of new leases signed were the result of current resident referrals and drive-by’s. This form of new lease generation is clearly the byproduct of current ownership’s exceptional care of the property and the numerous capital improvements they’ve completed over the course of the last few years. In addition to over 100-units being upgraded, ownership has also fully revamped the clubhouse on a level consistent with new-build properties.
  • 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