$2400000

Urbane on Maple
  • Units: 25
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: $96000
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1958
  • Monthly Income Per Unit: -
  • Expense to Income Ratio: -
  • Average Square Feet: -
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: Greg Coulter
  • Property Features: -
  • Interior Features: -
  • Exterior Features: -

Urbane on Maple is a well-maintained community of two apartment buildings near downtown Clawson, each with private entrances, and beautifully-redone units. Urbane is comprised of two buildings, one with a full basement and the other with a partial basement and crawl space, and has 24 two-bedroom units and 1 three-bedroom unit.
Built in 1958, Urbane offers a solid brick exterior and a completely renovated interior. Over the last two years the property has received over $135,000 in capital improvements, which include replacement of appliances, shutter and awning upgrades, carpet and vinyl replacement, crawl space maintenance, window replacement, hardwood laminate installation, boiler maintenance, bathroom renovations, and asphalt repairs.
The HVAC at Urbane is outfitted with Landlord-paid gas, gas-hot-water baseboard, electric sleeve A/C units, free WIFI, and separately-metered, tenant-paid electricity for all 25 units; however, all tenants are on a Resident Utility Billing Service (RUBS) program where the Landlord is reimbursed for the gas and water consumption. The water bill is determined by water consumption divided by number of residents per unit, and the gas is determined by gas consumption divided by units (in proportion to their square footage). Utilizing RUBS, the Landlord is able to recapture approximately 85% of the monthly gas-and-water utility bills.

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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