Covington Terrace – INCOME PROPERTY ORGANIZATION

Front 2

Covington Terrace

Available | $1,250,000

17500 Second Ave, Detroit, MI 48203
Property Type: Multifamily
Number of Units: 24
Price Per Unit: $52,083
Average Square Feet: 1350
Gross Rent Multiplier: 5.08
Expense to Income Ratio: 62.56%
Debt Service Coverage: 1.51
Cash Flow: $31,028
Year One ROI: 7.56%

Listing Agent: Jason Gardner

Location

EXECUTIVE SUMMARY:

This community boasts 24 spacious two-bedroom and one-bath townhomes, each measuring 1,350 square feet. Covington Terrace was built in 1948 and has been well maintained over the years. Currently, Covington Terrace is operating at 92% physical occupancy and has maintained this level of performance for many years, requiring only minimal management oversight from ownership.

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