$1825000

San Marino
  • Units: 32
  • Cap Rate: 7.67 Percent
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1972
  • Monthly Income Per Unit: $642.07
  • Expense to Income Ratio: 51.12 Percent
  • Average Square Feet: 22,880
  • Debt Service Coverage: -
  • Cash Flow: 34,755
  • ROI Year One: 8.69%
  • Listing Agent: A.J. Beachum, JD
  • Property Features: Milford is an upscale community nestled in southwest Oakland County-the wealthiest County in Michigan-that has experienced significant growth in recent years. The Township increased from 15,271 residents in 2000 to 16,766 residents per the 2010 Census, a 9.72% increase over this 10-year period, and has increased a staggering 252% between 1970 and 2000. What makes this statistic even more compelling is the fact that virtually all communities in southeastern Michigan experienced significant declines in populations over this time period associated with the economic downturn. Milford is well-regarded due to its high quality of life replete with small-town charms and was also listed as the 3rd safest city to reside in Michigan in 2014. Built in 1972, San Marino consists of 32 units spread across four, two-story buildings, located on over 2 acres of land. The property contains a symmetrical unit mix of 16, one-bedroom units (680 ft.2) with a rental rate of $700, and 16 two-bedroom units (750 ft.2) with a rental rate of $780. Notable for investors is the current and historic occupancy, which is currently at 100% and has stayed full for many years. The current owner lives out of state, and utilizes an on-site manager who lives at the property for free. San Marino is outfitted with a Landlord-paid, hot-water baseboard heating system and the electricity is separately metered. Amenities at the property include balconies, tenant storage, on-site laundry and ample parking. Additionally, San Marino is tucked away in a beautiful private setting within walking distance to vibrant downtown Milford. Recent capital improvements include window replacement and balcony replacements. One of the most salient aspects of San Marino is the possibility for a new owner to convert the apartments into condos. With the condo market hot in Milford, an owner can take advantage of this, and possibly cash in on the demand in the area. Over the past 12 months, condo sales comparables have varied from $132K to over $300K. Currently, there are two condos that are for sale, less than 200 yards away from San Marino listed at $214K & $225K, and others closer to downtown Milford are higher than that. A newly built condo subdivision neighbors the complex and is nearly sold out. Since San Marino is in the Village of Milford, the market can support premium pricing for the proximity and attractions of downtown.
  • Interior Features: -
  • Exterior Features: -

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    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
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