$1185000

The Woods
  • Units: 32
  • Cap Rate: 8.02 Percent
  • Price Paying: 52.90 sqft
  • Price Per Unit: $37031
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.81
  • Year Built: 1991
  • Monthly Income Per Unit: $2969
  • Expense to Income Ratio: -
  • Average Square Feet: 700
  • Debt Service Coverage: 60803
  • Cash Flow: 34228
  • ROI Year One: 11.55
  • Listing Agent: A.J. Beachum, J.D.
  • Property Features: The Woods is a well-maintained community of four apartment buildings, all with interior private entrances, spread across a quiet 2.8-acre setting. The unit mix is an attractive split of 16 one-bedroom units (600 sq ft) and 16 two-bedroom units (800 sq ft). The Woods was built in 1991 with a solid concrete slab, and has undergone various recent updates since its construction. The HVAC is outfitted with Landlord-paid gas hot water, separately-metered electricity, and tenants supply their own window A/C units. At the $1,185,000 asking price, or $37,031 per unit, this offering represents a compelling 8.02% cap rate and 11.55% cash-on-cash return for a turn-key investment in excellent condition. The complex is currently 96% occupied and has maintained outstanding historical occupancy, requiring only minimal management oversight from absentee ownership. Our rent comp study reveals the asking rents are below market by $77 for 1-bedroom units and $56 for 2-bedroom units, offering a value-add opportunity for an investor. If brought to market levels, new ownership will capture over $25,000 in additional annual income. At an 8% cap rate, this will add over $300,000 in value.
  • 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