Apple Run Apartments – INCOME PROPERTY ORGANIZATION

Apple Run Apartments

Apple Run Apartments

SOLD | $1,680,000

10 Apple Run Ln., Hillsdale, MI 49242
Property Type: Multifamily
Units: 40
Average Square Feet: 496.8
Price Per Unit: $42,000
Cap Rate: 7.14%
Gross Rent Multiplier: 7.45
Expense to Income Ratio: 46.78%
Monthly Income Per Unit: $531.33
Debt Service Charge: 1.47
Cash Flow: $43,575
Year One ROI: 9.17%

Listing Agents: A.J. Beachum, J.D. & Joe Crane

Location

EXECUTIVE SUMMARY:

Apple Run is a ranch-style complex consisting of 40 units just west of M-99. It offers a unit mix of 6 studio units at 288 sq. ft., 27 one-bedroom units at 576 sq. ft., and 7 two-bedroom units at 864 sq. ft. The single-story buildings with private entrances are quite popular, especially among the senior segment of the market. The units are equipped with electric “zone line” furnaces for heating and cooling, and domestic hot water is provided by electric hot-water tanks located within each unit. Unit and site amenities in-unit washer & dryer hook-ups and attic storage make Apple Run an attractive place to call home.

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