$1350000

Richland Country Apartments
  • Units: 54
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1972
  • Monthly Income Per Unit: $534.72
  • Expense to Income Ratio: 64.89 Percent
  • Average Square Feet: 41,220
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: JJ Zwada & Joe Crane
  • Property Features: Richland Country is well maintained community comprised of four, 2-story California-style buildings built in 1972. The buildings are spread across 7.44 acres and include twenty-four 655 ft.2 one-bedroom units and thirty 8500 ft.2 two-bedroom units. Richland Country offers residents numerous amenities such as: a fully staffed office, on-site laundry, individual entrances, a park-like setting, and plenty of parking. Heat in all four of the buildings is serviced by a hot-water baseboard boiler system, which is landlord-paid. Electricity is separately metered and the responsibility of the tenant. With utility surcharge programs becoming the industry norm, the heating expense at Richland Country could easily be passed onto the tenant through the use of a Resident Utility Billing System (“RUBS”), or simply a monthly surcharge. Richland Country is situated off East D Avenue just east of the intersection of Gull Road and East D Ave. Gull Road is the major thoroughfare in the area, which connects Richland Township to the greater Kalamazoo area. At less than ten miles from downtown Kalamazoo, Richland Country’s location provides residents a host of convenient features and reasons to call it home. Richland Township is home to roughly 7,744 residents per the 2014 US Census American Community Survey. The township has experienced strong population growth and in ten years has added roughly 1,253 new residents, which is reflective of a staggering 19% increase (2000 US Census population was 6,491). In addition to strong population growth, Richland Township also boasts strong household income and home values. Per the same 2014 Census estimate, the median household income is estimated at $62,228 and the average home value is estimated at $194,100.
  • 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.
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    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301