Pinehurst Apartments – INCOME PROPERTY ORGANIZATION

IMG_0673 Edit

Pinehurst Apartments

UNDER CONTRACT

7139 Pinehurst St, Dearborn, MI 48126
Property Type: Multifamily
Number of Units: 13
Price Per Unit: $69,231
Average Square Feet: 538
Gross Rent Multiplier: 7.60
Expense to Income Ratio: 42.70%
Debt Service Coverage: 1.27
Cash Flow: $14,589
Year One ROI: 5.40%

Listing Agent: Jason Gardner

Location

EXECUTIVE SUMMARY:

This asset boasts a mix of 4 studio units measuring 400ft² and 9 one-bedroom units measuring 600ft². Pinehurst Apartments was built in 1930 and has been exceptionally well maintained over the years. Currently Pinehurst is operating at 100% physical occupancy and has maintained this level of performance for many years. The property’s rents are significantly below market as a result of being conservatively owned and operated by the same family for twenty-five years.

Important to note, there has been no expense spared on the Cap Ex for this asset. 8 of the 13 units have newer windows and the roof was redone two years ago at the expense of $50,000.

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