- Units: 132
- Cap Rate: 11.49 Percent
- Price Paying: - sqft
- Price Per Unit: $-
- Property Type: Multi Family
- Gross Rent Multiplier: 3.10
- Year Built: 1972
- Monthly Income Per Unit: $630.90
- Expense to Income Ratio: 64.35 Percent
- Average Square Feet: 865.98
- Debt Service Coverage: 1.84
- Cash Flow: 163035.84
- ROI Year One: 21.02
- Listing Agent: -
- Property Features: Income Property Organization is pleased to present the exclusive marketing of the Trafalgar Square Apartments, a 132-unit complex located in Westland, Michigan.
Westland is located in Wayne County, Michigan’s most populated county with over 1,800,000 residents, representing nearly 1/5 of the state’s population. Wayne County is of major importance to the Michigan economy and is home to the world headquarters of Ford Motor Company, General Motors, and numerous other fortune 500 companies. Westland itself is home to approximately 84,000 residents, and is situated in the northwestern park of the county, 16 mile west of downtown Detroit. This area has historically been a quality Class B rental market, and that trend continues as evidenced by Trafalgar Square’s current occupancy of 100%. Westland is a tidy family community known for its schools, sports and strong civic pride, which is evidenced by its moniker of “An All-American City.”
As for the property itself, Trafalgar Square consists of 12 three-story garden-style buildings comprising 132 apartments. There is a very competitive unit mix at Trafalgar Square, ranging from 715 Ft.2 one-bedrooms, to 950 Ft.2 two-bedrooms. The property is outfitted with a landlord-paid gas-forced air heating system, affording the cost-conscious purchaser the option to add value by separately metering the units, thereby passing on the heating expense to the tenants. Unit features include spacious floor plans, walk-in closets, dishwashers, and balconies. Amenities at the property include a pool, clubhouse, coin-operated laundry, security intercoms, and plenty of parking with carports. The major building components, common areas, and units are all in excellent condition.
Currently, Trafalgar Square is performing exceptionally well, and based on current collections and 2010 expense levels is poised for an NOI that exceeds $358,075. According to IPO’s rental survey the rents at Trafalgar Square are below market by approximately $49 on one-bedroom units and $37 on two-bedroom units. Thus, the NOI at Trafalgar Square could grow substantially upon the successful completion of a rental rate increase.
Trafalgar Square is a performing asset that can be acquired at a very attractive value due to the significant economic downturn which has compressed values across the nation, and in particular Michigan. This situation enables active buyers to acquire properties at compelling pricing. The economic reward will be significant for opportunistic investors with ample liquidity to acquire assets such as Trafalgar Square in this once-in-a-lifetime buyers market.
Once you have had a chance to review the included information please call to set up a confidential showing before this well-priced opportunity is gone.
- Interior Features: -
- Exterior Features: -
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