Eastpointe, MI 48021 ·
6 Units · Multifamily For Sale
11 % Cap Rate - Apartment for Sale
|Price||N/A||Property Use Type||Investment|
|No. Units||6||Cap Rate||11%|
|Building Size||3,850 SF||No. Stories||1|
|Property Type||Multifamily||Year Built||1958|
|Listing ID: 16069886||Date Created: 01/22/2009||Last Updated: 07/30/2013|
Currently 100% leased with strong occupancy track record. 11% cap rate! Ranch style brick building features 5 (1) bedroom and 1 (2) bedroom unit. Each unit has own front door and back door and separate electric meters. Tenant pays heat (electric baseboard).Laundry room is ready to go for additional income, just need to hookup washer/dryer. There is an attached garage that can be used for storage, maintenance, or possibly turned into an additional 7th rental unit to increase income (conceptual drawing completed). Updates include: new roof, new water heater, and 75% of units with new appliances. Good location and neighborhood - close to st. john hospital and Eastpointe Mall. Confidential sale. Do not approach tenants. Proof of funds required prior to any showing of property.
- 100 % Leased
- Brick Ranch Style
- Strong Rental History
- Strong 11 % Cap Rate
- Tenant Pays Heat (electric baseboard) & Electric
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