$3150000

Woodland Arms
  • Units: 164
  • Cap Rate: 7.95 Percent
  • Price Paying: 26 sqft
  • Price Per Unit: $19,207
  • Property Type: Multi Family
  • Gross Rent Multiplier: 4.03
  • Year Built: 1965
  • Monthly Income Per Unit: $397
  • Expense to Income Ratio: 67.96 Percent
  • Average Square Feet: 119,700
  • Debt Service Coverage: 1.48
  • Cash Flow: 81,494
  • ROI Year One: 10.35
  • Listing Agent: Greg Coulter & Jason Gardner
  • Property Features: The City of Detroit is located in Southeastern Michigan and is the largest city in the state. As of the 2013 census estimate, the city of Detroit had a total population of 688,701, while Wayne County as a whole had a population of 1,775,703. Between 2009-2013, the median family income was most recently reported at $26,325 and the average home value is estimated at $50,400. Detroit's freeway system is known to be one of the most efficient in the country, consisting of several different interstate highways and multiple limited-access expressways. The diversity in this city is immense, being home to Better Made potato chips, Kowalski sausage, Faygo beverages, and Sander's ice cream, just to name a few. Also known as the "Motor City", Detroit vestiges the U.S. headquarters for Ford Motor Company, General Motors, Daimler-Chrysler, Mazda, and Volkswagen. Woodland Arms Apartments is a highly competitive apartment community with excellent construction qualities, spacious apartments, and a prime location. Woodland Arms is comprised of two 3-story buildings, consisting of 164 apartment units on 3.8145 acres. The unit mix includes 120 one-bedroom, one-bathroom apartments at 650 square feet; 12 two-bedroom, one-bathroom apartments of 825 square feet; 23 two-bedroom, one-bathroom apartments of 925 square feet; and 8 two-bedroom, two-bathroom apartments of 1,200 square feet. Heat is provided by the landlord through a hot water baseboard heat system, and hot water through a central boiler system. Tenants are responsible for their own electric, including wall unit air-conditioner in each apartment. Along with Woodland Arms having outstanding visibility, as it is located on the south side of Eight Mile Road, this property also has suitable amenities for the residents. There are approximately 200 open parking spaces, an open courtyard view in the center of each building, and a total of four laundry facilities throughout the property that are easily accessible by the residents.
  • 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.
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    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301