$815000

Regency Apartments
  • Units: 42
  • Cap Rate: 8.78 Percent
  • Price Paying: -
  • Price Per Unit: $19,405
  • Property Type: Multi Family
  • Gross Rent Multiplier: 3.62
  • Year Built: 1966
  • Monthly Income Per Unit: $465.94
  • Expense to Income Ratio: -
  • Average Square Feet: 634.07
  • Debt Service Coverage: 1.64
  • Cash Flow: $28,017
  • ROI Year One: 13.18%
  • Listing Agent: A.J. Beachum, JD
  • Property Features: -
  • Interior Features: -
  • Exterior Features: -

Regency Apartments are situated at 2nd Street and Caesar Chavez Drive, in the heart of downtown Flint, directly adjacent to both the University of Michigan-Flint campus and their newly built 1st Street Residence Hall (200 yards). Regency is also adjacent to the Flint Farmers Market (Click here for article), and the Michigan State University Medical School building (100 yards). Also notable is Regency’s 3-block proximity to Mass Transportation Authority (MTA), which is the area’s only provider of public transportation. This is an especially important feature which caters to student renters, who frequently do not own vehicles.
Regency is a well-maintained, solid brick structure with secured, underground parking comprised of 3 studio apartments (427 sq ft) and 39 one-bedroom apartments (650 sq ft). Regency was built in 1966, and has undergone various updates in recent years including plumbing, heating and cooling, as well as significant elevator rehab. The HVAC is outfitted with Landlord-paid gas, hot-water baseboard; landlord-paid water; and separately-metered, tenant-paid electricity.
Amenities at the property include a fee-based underground parking garage, elevator, community laundry room and plenty of tenant storage. Regency has been properly maintained by the current ownership over the course of the last ten years and is good structural condition.

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