$980000

Richmond North Apartments
  • Units: 19
  • Cap Rate: 7.50 Percent
  • Price Paying: 69.21 sqft
  • Price Per Unit: $51,579
  • Property Type: Multi Family
  • Gross Rent Multiplier: 8.33
  • Year Built: 1993
  • Monthly Income Per Unit: $516.12
  • Expense to Income Ratio: 37.57 Percent
  • Average Square Feet: 745
  • Debt Service Coverage: 1.48
  • Cash Flow: $23,934
  • ROI Year One: 9.77
  • Listing Agent: Greg Coulter
  • Property Features: -
  • Interior Features: -
  • Exterior Features: -

Richmond North is a well-maintained community of eighteen California-style apartments and one home spread across a beautiful, quiet 3-acre parcel right off Main Street. Tucked back in the middle of the 3 acres, Richmond North boasts a lovely view of the acreage from all angles. Each with private entrances, tenants enjoy a sense of home ownership and country living in one. The apartment building contains 18 two-bedroom, one bathroom units (720 ft2).
Richmond North was built in 1993 on a solid concrete slab. The HVAC is outfitted with Tenant paid utilities for all 18 units and the house. Each unit is outfitted with separately-metered, gas-forced air furnaces and Central Air as well as separately-metered water and electricity. Amenities include patios and a quiet nature setting.

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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