29 Unit - Senior Independent Living - Bank REO
130 Cabela Blvd. West, Dundee, MI 48131
$1,775,000
29
36,378 SF
$61,206.90
Multifamily
Garden/Low-Rise
Investment
Yes
7.40%
1
2003
5.86 AC
42-014-002-08
-
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Last Verified 2/3/2010
Listing ID 16379017
Description
Eagle Springs is a luxury apartment community designed for independent retirement living for seniors, 55 and over. The property is a one story structure with 29 apartments, 15 of which have one bedroom and 14 with 2 bedrooms. There is one unit (1 bedroom) that is unfinished to the extent that it still requires carpet, paint and appliances. The owner's custom was to complete units as they were rented. The apartments all have entrances onto a central hallway which runs from one end of the building to the other. Each unit also has an entrance to the outside, either to the parking area at the front of the building or to a patio facing an open field and woods at the back of the building. In addition to many common areas, there is garage at one end of the building used for maintenance storage. The building is located on 5.86 acres land which affords room for expanding the existing structure to accommodate 23 more units. For more information go to http://pcg.cbre.com/pcg-invite/5835
Eagle Springs is located in Dundee, Michigan, which is found in the southeastern corner of lower Michigan on the western border of Monroe County at the intersection of US 23 and M50. The Michigan/Ohio border is 17 miles south and Ann Arbor is located 17 miles north.
This is a bank-owned REO asset. The property can be sold without the prior owner' s right of redemption.
Newer multi-family property with spacious units and high quality finishes. Property is six years old.
Independent retirement community for seniors 55 and older. As a result, tenants tend to be long term residents with reliable payment records.
Because of the property' s age and the nature of its tenant population, maintenance costs at this point are minimized.
Offering includes enough additional land for construction of phase II (23 additional units).
Proforma
$281,969
$261,183
$124,040
$137,143
$131,343
| Description | No. Units | Avg. Mo. Rent | Sq. Ft. |
|---|
| One Bed | 15 | $760 | 586 |
| Two Bed | 14 | $860 | 694 |
Map of 130 Cabela Blvd. West, Dundee, MI 48131 (Monroe County)
Brokerage Firm
CB Richard Ellis Reichle Klein
Created 9/1/2009
The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial, and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.