$1035000

The Rotana Apartments
  • Units: 43
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: $24070
  • Property Type: Multi Family
  • Gross Rent Multiplier: 4.76
  • Year Built: 1925
  • Monthly Income Per Unit: $488.41
  • Expense to Income Ratio: 61.72% Percent
  • Average Square Feet: 629.07
  • Debt Service Coverage: 1.73
  • Cash Flow: 40,805
  • ROI Year One: 11.33%
  • Listing Agent: Greg Coulter & Joe Crane
  • Property Features: Rotana is a mid-rise complex built in 1925, with a complete rehab over the past few years. Some of the Capex items include all new plumbing, wiring, elevator, windows and full rehab of individual units. It consists of 1 building sitting on 0.23 acres. It offers 8, studio units with approximately 500 ft.2 of living space, 32 two-bedroom units with approximately 650 ft.2 of living space, and 8 three-bedroom units with approximately 750 ft.2 of living space. Notable for investors is the condition of the building, which has been completely rehabbed at a cost of over $750K. Rotana provides tenant-paid heat, as well as the recent upgrades and minimal deferred maintenance to the property. The property is less than five miles from the center of Detroit’s renaissance and is located on a bus-line that runs directly to Wayne State University. Due to this exceptional location, it provides tenants with numerous retail, educational, recreational and entertainment opportunities that are close to home. Rotana has been well-maintained and this offering represents a turn-key investment for a multifamily investor.
  • 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