Terrace Apartments – INCOME PROPERTY ORGANIZATION

Terrace Apartments

Terrace Apartments

SOLD: $1,425,000

2901 12th Ave., Port Huron, MI 48060
Property Type: Multifamily
Number of Units: 30
Price Per Unit: $47,500
Average Square Feet: 950
Cap Rate: 8.60%
Gross Rent Multiplier: 6.21
Expense to Income Ratio: 48.80%
Monthly Income Per Unit: $692.22
Debt Service Coverage: 1.57
Cash Flow: $44,881
Year One ROI: 11.97%

Listing Agent: A.J. Beachum, J.D.

Location

EXECUTIVE SUMMARY:

Riverview Apartments (12 Units plus 1 not registered with the city) is located at 5685 Pontiac Lake Road, on the south side of the street between Airport Road and Crescent Lake Road and Airport Road. The apartments were built in 1969 and consist of garden style apartments constructed of brick with Mansard – Flat roof. The property contains a unit mix of twelve 800 ft.2 one-bedroom units and one 700 ft.2 one-bedroom units. The utility breakdown of this property includes tenant-paid electricity, electric heat and Landlord-paid hot and domestic water. Notable for investors is the excellent LOCATION and condition of this asset.

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