Historical Multifamily Sale Listing - Pennbrook Place Apartments

Multifamily For Sale

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Pennbrook Place Apartments

15027 Brookview Drive, Riverview, MI 48192

N/A

300 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
300
Building Size:
255,750 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
8%
Occupancy:
93%
No. Stories:
3
Year Built:
1973
Lot Size:
33.28 AC
Parking Ratio:
1.72 / 1,000 SF
Listing ID
13976978
Last Updated
over 1 year ago

Description

Good unit mix- 60% of the units have two bedrooms averaging 853 sf per unit. Pennbrook Place is an opportunity to reposition the property due to increased demand for more upscale residential housing. Low price per unit, $38,333. At $45 per square foot, price is below replacement cost. Low density site- 9 units per acre.

Increased traffic and visibility in late 2004 due to the widening of Pennsylvania Road from two lanes to five lanes.

Map of 15027 Brookview Drive, Riverview, MI 48192 (Wayne County)

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