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Z on Maple 629 W Maple Rd 25 Unit Apartment Building $4,249,000 ($169,960/Unit) 6.42% Cap Rate Clawson, MI 48017
Executive Summary
This property has 24 two-bedroom and one-bath apartment homes, each measuring 925 – 1,100 square feet, & 1 three-bedroom and one and one-half bath apartment homes, measuring 1,200 square feet. Z on Maple Apartments was built in 1958. Currently, Z on Maple Apartments is operating at 92% physical occupancy. Even more impressive than this asset’s occupancy is the condition of the asset.
The recent Cap Ex includes: both roofs within the last 2 years, 90% of the units over the last 10 years, all new electrical panels, parking lot was resealed last year.
IPO has projected an NOI going forward of $272,652 based on street rents and 2025 Profit & Loss schedule. However, in year two, when the complex is brought
up to market, the NOI increases to $284,926.
The recent Cap Ex includes: both roofs within the last 2 years, 90% of the units over the last 10 years, all new electrical panels, parking lot was resealed last year.
IPO has projected an NOI going forward of $272,652 based on street rents and 2025 Profit & Loss schedule. However, in year two, when the complex is brought
up to market, the NOI increases to $284,926.
Property Facts
| Price | $4,249,000 | Building Class | B |
| Price Per Unit | $169,960 | Lot Size | 0.37 AC |
| Sale Type | Investment | Building Size | 23,242 SF |
| Cap Rate | 6.42% | Average Occupancy | 92% |
| No. Units | 25 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1958 |
| Property Subtype | Apartment | Parking Ratio | 1.6/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | RM1, Clawson | ||
| Price | $4,249,000 |
| Price Per Unit | $169,960 |
| Sale Type | Investment |
| Cap Rate | 6.42% |
| No. Units | 25 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.37 AC |
| Building Size | 23,242 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built | 1958 |
| Parking Ratio | 1.6/1,000 SF |
| Zoning | RM1, Clawson |
Amenities
Unit Amenities
- Storage Space
- Eat-in Kitchen
- Granite Countertops
- Hardwood Floors
- Oven
- Range
- Wi-Fi
- Vinyl Flooring
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Laundry Facilities
- Tenant Controlled HVAC
- Disposal Chutes
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1.5 | 1 | - | 1,200 |
| 2+1 | 24 | - | 950 |
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Property Taxes
| Parcel Number | 20-33-201-064 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $604,810 |
Property Taxes
Parcel Number
20-33-201-064
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$604,810
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Z on Maple | 629 W Maple Rd
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