This property is Off-Market
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
Not exactly what you're looking for? Start a new custom search to find the perfect property
The LoopNet service and information provided therein, while believed to be accurate, are provided "as is". LoopNet disclaims any and all representations, warranties, or guarantees of any kind.