$2150000

Top of the Drive
  • Units: 174
  • Cap Rate: 14.40 Percent
  • Price Paying: 18.93 sqft
  • Price Per Unit: $12356
  • Property Type: Multi Family
  • Gross Rent Multiplier: 2.13
  • Year Built: 1974
  • Monthly Income Per Unit: $483.23
  • Expense to Income Ratio: 69.31 Percent
  • Average Square Feet: 652.61
  • Debt Service Coverage: 3.02
  • Cash Flow: 207080
  • ROI Year One: 32.11
  • Listing Agent: -
  • Property Features: Income Property Organization is pleased to announce that we have been retained as the exclusive marketing agent for Top of The Drive Apartments which consists of 174 units, and is located in Detroit, MI. Top of the Drive Apartments is comprised of four 2 1/2-story brick buildings containing a total of thirty-five studios, one hundred and nine 1-bedroom units and thirty 2-bedroom units. The property is outfitted with a Landlord-paid hot water baseboard heating system that is operated by a boiler system. Property amenities include a gated community, covered parking and onsite card-operated laundry. With Top of the Drive’s location, along with Outer Drive being situated between Schaefer & 7 Mile Road, tenants enjoy easy access to numerous employment and retail opportunities in the area. As an additional convenience the property is located only minutes from both I-96 and M-39, which are both major thoroughfares. Currently Top of the Drive is 98% occupied and has received considerable capital improvements over the last year including: completely new roofs, windows, locks, fencing, signage, lighting and landscaping. Additionally the swimming pool is set to be removed in April of 2012. IPO has seen considerable improvement in pricing over the course of the last 6 months and it is our professional opinion that prices will continue to trend upward in 2012 as the market corrects itself. Top of the Drive represents a fully stabilized, turn-key asset that can still be purchased at a historically low value as a result of the economic downturn. As the market continues to improve, opportunities like Top of the Drive will quickly evaporate, thus the economic reward will be significant for opportunistic investors with ample liquidity to acquire an asset such as Top of the Drive. Once you have had a chance to review the included information please call to set up a confidential showing before this aggressively priced opportunity is gone.
  • 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