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- LoopNet Team
21314-21440 Macarthur Blvd
Warren, MI 48089
Park Layne · Multifamily Property For Sale
·
40 Units
INVESTMENT HIGHLIGHTS
- 100% Occupied with a Waiting List: Below Market Rents
- In Place RUBS Program for Gas and Water
- Attractive Unit Mix: 20 One Bedrooms and 20 Two Bedrooms
- Many Recent Capital Improvements
PROPERTY FACTS
| No. Units | 40 | Building Size | 31,200 SF |
| Property Type | Multifamily | Average Occupancy | 95% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1968 |
| Building Class | C | Parking Ratio | 1.88/1,000 SF |
| Lot Size | 2.33 AC | ||
| Zoning | R-3 | ||
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.33 AC |
| Building Size | 31,200 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1968 |
| Parking Ratio | 1.88/1,000 SF |
| Zoning | R-3 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Carpet
SITE AMENITIES
- Laundry Facilities
ABOUT 21314-21440 MACARTHUR BLVD , WARREN, MI 48089
Listed at a below market value of $48,250 per unit (see sales comps in the offering memorandum), Park Layne presents investors a stabilized turn key opportunity, while still having upside potential. Although there are a few separate value add opportunities, three stand out in Greystone Bel’s professional opinion: 1.) Park Layne is currently 100% occupied with a waiting list, this is an easy indicator Park Layne is below market on rents. After doing an in-depth rental study included in the offering memorandum, it has been determined competing complexes are generating higher rents on a per SF basis. Please note, Park Layne is far superior in quality than most, if not all competing complexes within a few miles. 2.) Park Layne also has very large empty basements in which storage units could be built and rented out for additional income. It is believed there is enough empty space for all 40 units to have its own storage unit. 3.)Investors also have the option of replacing the windows, in which would drastically save on the overall gas bill. Current ownership has replaced approximately 10% of windows, while it is Greystone Bel’s opinion it would be beneficial if the rest were replaced.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 20 | - | 715 - 725 |
| 2+1 | 20 | - | 825 |
PROPERTY TAXES
| Parcel Number | 12-13-34-331-003 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,091,940 |
PROPERTY TAXES
