This Multifamily Property is Off-Market.

15150 Park Village Drive
Taylor, MI 48180 ·

364 Units · Multifamily For Sale

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THE PARKS AT THE VILLAGES OF TAYLOR

Price N/A Cap Rate 7.55%
No. Units 364 Occupancy 98%
Building Size 358,050 SF No. Stories 2
Property Type Multifamily Year Built 1968
Property Sub-type Garden/Low-Rise Lot Size 27.52 AC
Property Use Type Investment
Listing ID: 15023780 Date Created: 03/01/2007 Last Updated: 06/12/2007

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

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

Research

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

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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