15150 Park Village Drive
Taylor, MI 48180 ·
364 Units · Multifamily For Sale
THE PARKS AT THE VILLAGES OF TAYLOR
|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|
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
- 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
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