This property is Off-Market

3620 Windmill Drive
Waterford, MI 48329 ·

96 Units · Multifamily For Sale

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Pine Lake Apartments

Price N/A Commission Split 2%
No. Units 96 Cap Rate 11.26%
Building Size 80,400 SF Gross Rent Multiplier 3.35
Property Type Multifamily Occupancy 100%
Property Sub-type Government Subsidized No. Stories 2
Property Use Type Investment Year Built 1978
Listing ID: 17219825 Date Created: 06/27/2011 Last Updated: 11/03/2011

Description

Income Property Organization is pleased to announce the exclusive marketing of Pine Lake Apartments located in Waterford, Michigan.

This community is part of the LIHTC Program moderate income housing but it may be syndicated into another LIHTC program after 2012. A regulatory agreement will be provided to qualified purchasers.

If you have further questions or would like to set up a private visitation, please feel free to contact us at your convenience.

Pine Lake Apartments is conveniently located near major highways, entertainment, and shopping districts. Due to its large units and many updates, Pine Lake Apartments maintains and impressive historic occupancy of 95% to 100%.
In addition, there have been many updates to the property including newer carpet and vinyl flooring. Many kitchens are updated with newer wood cabinets, electric ranges, dishwashers, and garbage disposals. The owners are currently patching and sealing the parking lot.

Highlights

  • 100% occupancy
  • 21% cash on cash return
  • Excellant location

Research

3620 Windmill Drive, Waterford, MI 48329 (Oakland County)

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