Location

EXECUTIVE SUMMARY:

Sterling Court is comprised of 2 two-story low-rise buildings built in 1980. Each building contains 24 one-bedroom units (750 & 850 sq ft). Notable for investors is the occupancy, which is currently 100% on a pre-leased basis. Strong occupancy such as this is mainly because Sterling Court advertises itself with its exceptional location and ample frontage on Van Dyke Freeway, which is a major thoroughfare connecting Canal Road and Hall Road (two major arteries in the area).

Outside of Sterling Court’s excellent location, the property also offers residents numerous amenities such as: laundry facilities, central air and dishwashers. Sterling Court is outfitted with tenant-paid gas forced air heat. Currently, the average rents at Sterling Court are $675 for one-bedroom units and $750 for the deluxe one-bedroom units, whereas market rents are $745 for one-bedroom units and $898 for the deluxe one-bedroom units. It is imperative to note, that after a detailed rental study, it has come to our attention that rents at Sterling Court are still below market averages. With occupancy at 100%, it is clear that a 10% increase in rental rates could be easily implemented by a new owner.