$3100000

Rising Estates Apartments
  • Units: 110
  • Cap Rate: 9.5 Percent
  • Price Paying: 32.39 sqft
  • Price Per Unit: $28,182
  • Property Type: Multi Family
  • Gross Rent Multiplier: 4.77
  • Year Built: 1965
  • Monthly Income Per Unit: $492.20
  • Expense to Income Ratio: 47.64 Percent
  • Average Square Feet: 850
  • Debt Service Coverage: 2.16
  • Cash Flow: 164,038
  • ROI Year One: 21.17
  • Listing Agent: -
  • Property Features: Rising Estates is an attractive complex constructed in 1965, and features an advantageous mix of one-and-two bedroom units. It's situated in a desirable, family-oriented community in Genesee County, which has seen considerable growth over the past few decades. There are 5 garden-style buildings with pitched roofs that feature tenant-paid, gas-forced heat and air throughout - each with separate meters and plenty of storage and parking for residents. For the children, Rising Estates offers a quiet and safe, grassy play area with play structure. Inside, the units are very spacious, offering 44 one-bedroom units that are 750 sq ft ($449), and 66 two-bedroom units that are 950 sq ft ($559). Many of the units have been updated with new appliances, flooring, and carpeting throughout. Each unit has it's own balcony or patio, which allows the tenants to enjoy the quiet residential surroundings that Rising Estates offers. Located within walking distance from an elementary school, Rising Estates offers a great opportunity for residents of all ages.
  • 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