$1315000

The Riverview Club Condo Apartments
  • Units: 33
  • Cap Rate: 9.10 Percent
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1965
  • Monthly Income Per Unit: $662.35
  • Expense to Income Ratio: 54.35 Percent
  • Average Square Feet: 26,850
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: Greg Coulter
  • Property Features: Income Property Organization is pleased to present The Riverview Club Condo Apartments, which consists of 33 units, and is located in Riverview, Michigan. The City of Riverview is a metropolitan Detroit suburb that is located 20 minutes south from Downtown Detroit in the southern part of Wayne County, Michigan’s most populous county. As of the 2014 census estimate, the city of Riverview had a total population of 12,222, while Wayne County as a whole has a population of 1,764,804. The median family income was most recently reported at $48,575 and the average home value is estimated at $117,200. Riverview is part of what is locally known as Downriver, which is the unofficial name for a collection of 18 suburban cities and townships in Wayne County south of Detroit along the western shore of the Detroit River. The city scales along the shore of the Detroit River and is only 30 minutes south of the Ohio border. Riverview has many major industries located within its boundaries, including Ash Stevens, Inc., Jones Chemicals, and the Riverview Land Preserve Waste Facility. The property is located at 14411 Pennsylvania and contains 34 units, of which 33 units are owned by the selling entity. This asset contains 33 spacious units with 6 one-bedroom units at 650 square feet and 27 two-bedroom units at 850 square feet. Building "A" was completely renovated in 2007 and includes stacked washers and dryers. Building "B" has been updated over the past three years but not to the same extent as Building "A". Recent capital expenditures include new hallways and boiler. Outside of Riverview Club's excellent location, the property also offers residents numerous amenities such as: in-unit washers and dryers, private entry, large storage areas, and air conditioning. Riverview Club is outfitted with landlord-paid heat and water. Currently, the average rents at Riverview Club are $613 on one-bedroom units and $700 on two-bedroom units, whereas current asking rents are set at $652 for one-bedroom units and $755 for two-bedroom units. After a detailed rental study, it has come to our attention that rents for two bedrooms at The Riverview Club are still well below market averages. With occupancy at 100%, it is clear that a substantial increase in rental rates could easily be implemented by a new owner.
  • 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.
  • Contact Us

    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301