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  • 62
  • Michigan
Price £446,787
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Property Description

Country West Apartments, 24290 W 7 Mile St, Detroit, MI 48219 is a fantastic opportunity for the serious buy to let investor. It is fully section 8 approved and compliant.

The property comprises of one California-style building with 58 spacious one-bedroom units and 2 two-bedroom units surrounding a central courtyard with a swimming pool. Country West is an attractive complex constructed in 1960 and possesses unique charm as a result of its central courtyard design.

Country West is situated off 7 Mile Rd. approximately one block west of Telegraph Rd. As a result of this strategic location, the residents of Country West benefit from the immediate availability of numerous employers and social activities. Additionally, major local thoroughfares such as US-24, M-5, I-96, M-39, and M-10 are easily accessed from the complex, enabling tenants easy commuting. Country West's location at the intersection of Telegraph and 7 Mile Rd. places the property right on the border of Detroit & Redford and as a result this area enjoys superior demographics when compared to other Detroit locations.

37 of the apartments are currently occupied and improvement works are being carried out to the remaining 23 and a rental marketing programme is being launched soon to ensure 100% occupancy prior to the closing of the sale.

KEY FIGURES:

Purchase price: $749,000

Agency Fee: $5,000

TOTAL INVESTMENT REQUIRED: $754,000

RENTAL INCOME: $355,440 per annum

OUTGOINGS:

Property Taxes: $37,251

Insurance: $15,000

Gas: $57,876

Electric: $8,880

Water: $18,360

Management: $10,663.20

Vacancy (9%): $31,989.60

Maintenance/Trash/Snow: $14,217.60

TOTAL OUTGOINGS: $180,019.80



NET INCOME: $175,420.20



THE NET YIELD IS THEREFORE A FANTASTIC 25%.

For further information or to reserve this property, please complete the enquiry form as soon as possible.

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