Eastpointe Apartments – INCOME PROPERTY ORGANIZATION

Eastpointe Apartments

Eastpointe Apartments

SOLD: $1,200,000

15515-15525 Ten Mile, Eastpointe, MI 48021
Property Type: Multifamily
Number of Units: 20
Price Per Unit: $60,000
Average Square Feet: 675
Gross Rent Multiplier: 8.18
Expense to Income Ratio: 50.45%
Monthly Income Per Unit: $649.63
Debt Service Coverage: 1.45
Cash Flow: $24,110
Year One ROI: 7.56%

Listing Agent: Greg Coulter

Location

EXECUTIVE SUMMARY:

Eastpointe Apartments is a well-maintained, quiet, multifamily community located at 15515 – 15525 E. Ten Mile Road, which is between Hayes Road and Gratiot Avenue and on the north side of E. 10 Mile Road. This two-building complex was built in 1969 and has a combined 20 units. It is constructed of brick with a hi-pitch (asphalt shingles) roof. The property offers a diversified and extremely competitive unit mix comprised of 10 one-bedroom units with approximately 600 sq.ft. of living space, and 10 two-bedroom units with approximately 750 sq.ft. of living space. Each apartment has electric radiant – ceiling heating, and has through-wall AC units. The tenants are responsible for their own electric with the landlord being responsible for the water.

MEET OUR TEAM

Founder | Managing Member, Michigan | Sales Associate, Kentucky

Associate Broker, Michigan | Broker, Illinois

A.J. Beachum, J.D.

Associate Broker, Michigan | Broker, Ohio

Associate Broker, Michigan | Managing Broker, Indiana

Sales Associate, Michigan, Ohio, & Kentucky

Sales Associate, Michigan

Paul McHugh, J.D.

Managing Broker, Kentucky | Associate Broker, Ohio | Sales Associate Michigan

Associate Broker, Michigan | Executive Assistant

Broker, Indiana | Sales Associate, Michigan & Ohio

Sales Associate, Michigan & Ohio