$2450000

Sterling Court
  • Units: 48
  • Cap Rate: 8.55 Percent
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1980
  • Monthly Income Per Unit: $573.41
  • Expense to Income Ratio: 36.60 Percent
  • Average Square Feet: 32,400
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: Greg Coulter
  • Property Features: The City of Sterling Heights is located in Macomb County and is one of Detroit's core suburbs. As of the 2014 census estimate, the city of Sterling Heights had a total population of 131,741, while Macomb County as a whole had a population of 860,112. The median family income was most recently reported at $57,075 and the average home value is estimated at $144,200. Sterling Heights is the second largest suburb in Metro Detroit and is ranked the fourth largest city in Michigan. Being only 16 miles away from Downtown Detroit, the city is conveniently located near two major highways: M-53 (more commonly known as Van Dyke Avenue) and M-59 (commonly called Hall Road), which is the main connector between Macomb County and Oakland County. Sterling Court is comprised of 2 two-story low-rise buildings built in 1980. Each building contains 24 one-bedroom units (750 & 850 sq ft). Notable for investors is the occupancy, which is currently 95% on a pre-leased basis. Strong occupancy such as this is mainly because Sterling Court advertises itself with its exceptional location and ample frontage on Van Dyke Freeway, which is a major thoroughfare connecting Canal Road and Hall Road (two major arteries in the area). Outside of Sterling Court's excellent location, the property also offers residents numerous amenities such as: laundry facilities, central air, balconies, and dishwashers. Sterling Court is outfitted with tenant-paid gas forced air heat. Currently, the average rents at Sterling Court are $580 for one-bedroom units and $620 for the deluxe one-bedroom units, whereas market rents are $707 for one-bedroom units. It is imperative to note, that after a detailed rental study, it has come to our attention that rents at Sterling Court are still below market averages. With occupancy at 95%, it is clear that a 10% increase in rental rates could be easily implemented by a new owner.
  • Interior Features: -
  • Exterior Features: -

Location


View Larger Map
  • IPO Social Media

    Follow us on Facebook!
    LinkedIn
    Tweet to us!
  • 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