This is a fantastic opportunity to acquire a quality apartment complex in a popular town in Michigan which is offered for sale in very good condition and benefits from 97% occupancy.
The blocks comprise 4 studio apartments averaging 400 sq.ft let at $450 per month, 77 one bedroom apartments averaging 600 sq.ft let at $625 per month and 39 two bedroom apartments averaging 750 sq. ft. let at $750 per month.
SALES PRICE: $3,150,000
CLOSING COSTS: $25,000
1% AGENCY FEE: 31,500
TOTAL CAPITAL REQUIRED: $3,206,500
GROSS RENTAL INCOME: $950,100
VENDING MACHINE: $780
PARKING, KET AND PET FEES: $16,400
LESS: 5% VACANCY $47,505
EFFECTIVE OPERATING INCOME: $873,920
10% PROPERTY MANAGEMEN...
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