Historical Multifamily Sale Listing - THE PARKS AT THE VILLAGES OF TAYLOR

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THE PARKS AT THE VILLAGES OF TAYLOR

15150 Park Village Drive, Taylor, MI 48180

N/A

364 Units | Multifamily

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The Parks at the Villages of Taylor

Multifamily Property - Off Market

Price:
N/A
No. Units:
364
Building Size:
358,050 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Cap Rate:
7.55%
Occupancy:
98%
No. Stories:
2
Year Built:
1968
Lot Size:
27.52 AC
Listing ID
15023780
Last Updated
over 1 year ago

Highlights

  • Two and Three Bedroom Townhomes
  • 98% Stable Occupancy
  • Recently Updated Interior and Exterior
  • Upside Potential/Possible Rent Growth
  • Outstanding Physical Design/Condition
  • Potential Condominium Conversion

Description

The Parks of Taylor is located on Eureka Road between Inkster & Beech Daly in Taylor, Michigan. The property is comprised of 37 two-story buildings containing a total of 364 Townhome units: 294 2BR and 70 3BR. Built in 1968, the property recently underwent extensive renovations and is now in outstanding condition.

The Parks offers the opportunity to own multi-family housing in a stable area of southeast Michigan. Not only are units below market averages, but a new utility charge of $35 produces additional income of $76,440 (50% of units - not included in analysis). With an ongoing maintenance program and continued attention to resident needs, The Parks should produce desirable returns upon acquisition as well as into the future.

A Purchaser of The Parks may assume an attractive low-interest, tax-exempt mortgage balance of $8,235,000 due in 2012 and a taxable self-amortizing mortgage balance of $310,345 due in 2009, sponsored by MSHDA and GMAC. At $12,700,000 - $34,890 per unit, the projected EOY1 Cap Rate is 8.98% and Cash-on-Cash return is 12.66%.

" Easy access to Major Roadways : I-94, 1-75 & M-39
" No Unaccompanied Site Visits! Contact Listing Agent

Map of 15150 Park Village Drive, Taylor, MI 48180 (Wayne County)

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Created 3/1/2007