$355000

Vick Apartments
  • Units: 10
  • Cap Rate: 8.58 Percent
  • Price Paying: $49 sqft
  • Price Per Unit: $35,500
  • Property Type: Multi Family
  • Gross Rent Multiplier: 5.89%
  • Year Built: -
  • Monthly Income Per Unit: $502.55
  • Expense to Income Ratio: 49.48 Percent
  • Average Square Feet: 725
  • Debt Service Coverage: 1.64
  • Cash Flow: $11,880
  • ROI Year One: 13.39%
  • Listing Agent: John Teringo
  • Property Features: -
  • Interior Features: -
  • Exterior Features: -

Vick Apartments is a low-rise building, constructed in 1924. The building contains 10-units, 8 one-bedroom, 1 two-bedroom and 1 three-bedroom units. Notable for investors is the occupancy which is currently at 100%, which is consistent with historical averages. Strong performance such as this can be attributed to the location, as Vick is less than a mile away from Henry Ford Hospital, Roosevelt High School, multiple parks and many big box retailers- providing tenants ample retail, educational, healthcare and entertainment opportunities that are close to home. Vick Apartments is outfitted with tenant-paid, gas-forced air furnaces and the electricity is separately metered. Vick has been well-maintained and this offering represents a turn-key investment for a multifamily investor.

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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