$4950000

Silver Pines Apartments
  • Units: 72
  • Cap Rate: 7.35 Percent
  • Price Paying: 79.10 sqft
  • Price Per Unit: $68,750
  • Property Type: Multi Family
  • Gross Rent Multiplier: 7.05
  • Year Built: 1965
  • Monthly Income Per Unit: $687
  • Expense to Income Ratio: 48.17 Percent
  • Average Square Feet: 869
  • Debt Service Coverage: 2.00
  • Cash Flow: $182,307
  • ROI Year One: 9.42
  • Listing Agent: Greg Coulter
  • Property Features: Silver Pines is a two-story complex constructed in 1965 and possesses a very attractive interior courtyard-style construction that provides separate entrances to all units. Owing to its prime location with direct visibility along busy M-25 (approximately 35,000 vehicles/day), the property itself functions like a giant billboard – producing a steady stream of leasing traffic year-round. Over the course of the last few years Silver Pines has received numerous upgrades to the exterior, interior and major building components. Exterior upgrades included new roofing, windows, siding, parking lot, carports, fencing, signage, professional landscaping and a community park with a large multi-level deck/pavilion for outdoor entertaining. Interior upgrades have included new flooring, cabinetry, in-unit laundry, appliances and fixtures in many of the units. Perhaps the most impressive upgrade made to this property in recent years is the retro-fit of all units to separately metered gas-forced air furnaces. This conversion provides ownership with significant cost savings since the heating expense for the units is now passed onto the tenants. In addition to numerous upgrades, Silver Pines also possesses a very attractive amenity package and unit mix that’s predominately comprised of two-bedroom units. Property amenities include an on-site office, common area laundry, ample parking and carports for one-bedroom deluxe and two-bedroom units. Unit amenities include refinished hardwood floors, ample living space, numerous updated kitchens, in-unit laundry and secure basement storage for each apartment. As previously indicated the heat at Silver Pines is supplied by separately-metered, gas-forced air furnaces and the cost of the gas is the responsibility of the tenant. In addition, the tenant is also responsible for their in-unit electricity and water usage through the use of a RUBS (Resident Utility Billing Service)
  • 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