$14000000

West Wind / Buchanan Place / North Niles Villa
  • Units: 366
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: $38,251.36
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1973
  • Monthly Income Per Unit: -
  • Expense to Income Ratio: -
  • Average Square Feet: -
  • Debt Service Coverage: -
  • Cash Flow: -
  • ROI Year One: -
  • Listing Agent: Joe Crane, J.J Zwada, A.J Beachum, J.D.
  • Property Features: Three property portfolio consisting of West Wind, Buchanan Place, and North Niles Villa. West Wind is a garden-style complex built in 1973. It consists of 8 buildings sitting on 7.74 acres. It offers 14, studio units with approximately 430 ft.2 of living space, 58 one-bedroom units with approximately 594 ft.2 of living space, 59 two-bedroom units with approximately 828 ft.2 of living space, and 17 three-bedroom units with approximately 918 ft.2 of living space. Notable for investors is the utility structure. The units are separately metered for electric, and there is not gas run to the units. The units are heated by tenant-paid electric-baseboard. Not only are the tenants responsible for their heating, the current management has instituted a RUBS system in which the studio & one-bedroom units pay $30 per month for water and the two & three-bedroom units pay $32 per month for water. The property is less than one mile from downtown Buchanan and as previously mentioned, is located less than 20 miles from South Bend. Due to this exceptional location, it provides tenants with numerous retail, educational, recreational and entertainment opportunities that are close to home. West Wind has been well-maintained and this offering represents a turn-key investment for a multifamily investor. North Niles Villa is a garden-style complex built in 1970. It consists of 8 buildings sitting on 4.70 acres. It offers 8, studio units with approximately 387 ft.2 of living space, 78 one-bedroom units with approximately 573 ft.2 of living space, and 34 two-bedroom units with approximately 771 ft.2 of living space. Notable for investors is the utility structure. The units are separately metered for gas and electric, although many of the units use only electric baseboard heat. Not only are the tenants responsible for their heating, the current management has instituted a RUBS system in which the studio & one-bedroom units pay $30 per month for water and the two-bedroom units pay $32 per month for water. The property is two miles from the center of downtown Niles and as previously mentioned, is located approximately six miles from the University of Norte Dame. Due to this exceptional location, it provides tenants with numerous retail, educational, recreational and entertainment opportunities that are close to home. Buchanan Place is a garden-style complex with 8 duplex units built in 1973. It consists of 11 buildings sitting on 5 acres. It offers 18, one-bedroom units with approximately 549 ft.2 of living space, 24 larger one-bedroom units with approximately 600 ft.2 of living space, 48 two-bedroom units with approximately 678 ft.2 of living space, and 8 two-bedroom duplex units with approximately 1193 ft.2 of living space. Notable for investors is the utility structure. The units are separately metered for electric, and there is not gas run to the units. The units are heated by tenant-paid electric-baseboard. Not only are the tenants responsible for their heating, the current management has instituted a RUBS system in which the one-bedroom units pay $30 per month for water and the two-bedroom units pay $32 per month for water. The property is less than one mile from downtown Buchanan and as previously mentioned, is located less than 20 miles from South Bend
  • Interior Features: -
  • Exterior Features: -

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    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