$7068000

Wakefield Townhomes
  • Units: 67
  • Cap Rate: 7 Percent
  • Price Paying: 75.67 sqft
  • Price Per Unit: $105,492
  • Property Type: Multi Family
  • Gross Rent Multiplier: 7.24
  • Year Built: 1976
  • Monthly Income Per Unit: $640
  • Expense to Income Ratio: -
  • Average Square Feet: 1,200
  • Debt Service Coverage: 1.43
  • Cash Flow: 155,212
  • ROI Year One: 10.98
  • Listing Agent: Greg Coulter
  • Property Features: Wakefield Apartment homes were built in 1976 and consist of four two-story buildings, five ranch-style buildings and one single- story building that contains the office and a one-bedroom unit. As it relates to the unit mix at Wakefield, the property boasts an incredibly competitive breakdown of unit styles including one 1,000 ft.2 one-bedroom unit, thirteen 1,400 ft.2 two-bedroom units, one 1,400 ft.2 ranch-style two-bedroom unit, thirty-three 1,400 ft.2 three-bedroom units and nineteen 1,400 ft.2 ranch-style three-bedroom units. Unit amenities include washer & dryer hook-ups, central air, individual entrances, and a balcony or patio. At 1,400 square feet, the units are tremendously spacious, and hold a competitive advantage in the marketplace because of this significant living area. Notably, the property is equipped with a tenant-paid, gas- forced air heating system, which affords considerable savings to an Owner, especially when the cost associated with heating units of this size is factored into the analysis. And since all the units have exterior entrances, an Owner also incurs virtually no expense for common area utilities. In addition to the advantageous heating configuration at Wakefield, current ownership has established a utility reimbursement and trash pickup fee. With this program all residents are charged $4 per month for trash and a water charge dependent on their unit type. Currently one-bedroom units pay $25 per month for water, two-bedroom units pay $35 per month and three-bedroom units pay $45 per month. Over the course of the last few years, IPO has noticed that utility bill-back to tenants has become an industry standard and it is our professional opinion that the current charges at Wakefield could easily be increased without having a detrimental effect to the competitiveness of this asset.
  • 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