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Dover Place Apartments 2750 Michigan Rd 55 Unit Apartment Building $3,850,000 ($70,000/Unit) 7.05% Cap Rate Madison, IN 47250
INVESTMENT HIGHLIGHTS
- 16.4% Loss to Lease, property currently pacing $145 behind market rents
- Supply Constrained Market: 0 Units under construction in a 5-mile radius
- Diversified Unit Mix: Studios(9), One Bedroom(36), Two Bedroom(10)
- Property continues to display stable occupancy of 95%+
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS Under Contract
| Price | $3,850,000 | Apartment Style | Garden |
| Price Per Unit | $70,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.91 AC |
| Cap Rate | 7.05% | Building Size | 27,200 SF |
| No. Units | 55 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1983 |
| Property Subtype | Apartment | ||
| Zoning | R-3 - Residential Multi-Family | ||
| Price | $3,850,000 |
| Price Per Unit | $70,000 |
| Sale Type | Investment |
| Cap Rate | 7.05% |
| No. Units | 55 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.91 AC |
| Building Size | 27,200 SF |
| No. Stories | 1 |
| Year Built | 1983 |
| Zoning | R-3 - Residential Multi-Family |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Property Manager on Site
- Public Transportation
- Walk-Up
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 9 | $698.50 | 300 |
| 1+1 | 36 | $789.00 | 500 |
| 2+1 | 10 | $1,011 | 650 |
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PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,049,600 | |
| Land Assessment | $119,700 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $929,900 | Tax Year | 2024 Payable 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$119,700
Improvements Assessment
$929,900
Total Assessment
$1,049,600
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024 Payable 2024
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Dover Place Apartments | 2750 Michigan Rd
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