$5450000

Village Square
  • Units: 190
  • Cap Rate: 10.45 Percent
  • Price Paying: 56.52 sqft
  • Price Per Unit: $28,684
  • Property Type: Multi Family
  • Gross Rent Multiplier: 4.21
  • Year Built: 1964
  • Monthly Income Per Unit: $568.18
  • Expense to Income Ratio: 56.04 Percent
  • Average Square Feet: 96,420
  • Debt Service Coverage: 2.39
  • Cash Flow: 331,600
  • ROI Year One: 17.38
  • Listing Agent: Greg Coulter
  • Property Features: Village Square is comprised of nine, 2-story California-style buildings built in 1964. The buildings are spread across 5½ acres and made up of eighty-two 810 ft.2 one-bedroom units, one hundred and four two-bedroom units ranging in size from 900-1,200 ft.2, and four massive 1,500 ft.2 three-bedroom units. Village Square offers residents numerous amenities such as: a fully staffed office, on-site laundry, plenty of parking, and convenient access to all of the areas entertainment and employment opportunities. The majority of the property (170 units) are serviced by landlord-paid, hot-water baseboard heating systems and the remaining twenty units operate with tenant-paid, gas-forced air furnaces. Electricity is separately metered throughout the property and the responsibility of the tenant. Village Square is in excellent condition as a result of ownership’s continued maintenance and improvement programs. Over the course of the last few years ownership has completed numerous capital improvement projects including: four new roofs, replacement of four of the seven boilers, new fascia, soffit and trim (40% of the buildings), roughly 70 new AC units, vinyl windows throughout, four new commercial grade hot-water tanks, over $25K in balcony repairs, and finally the complete replacement of all gas-forced air furnaces and condensers (all 20 units serviced by this heating and cooling system). As a result of all these improvements the property shows exceptionally well and is truly turnkey as a result of the current ownerships efforts.
  • 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