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  • 78
  • Michigan
Price £549,056
  • title image

Property Description

PRE-RELEASE OPPORTUNITY. Please note we are still in the process of verifying the figures. We believe they will be accurate.

This development is fully section 8 compliant and approved. It totals 72 units comprising 6 two bedroom apartments, 55 one bedroom apartments and 11 studios.

Initially constructed in 1967, the block is offered for sale in good order throughout. It totals 35,952 square feet.

The property is located in Telegraph Road just to the west of the popular Old Redford district.

KEY FIGURES:

Purchase price: $859,000

Agency Fee: $5,000

TOTAL INVESTMENT REQUIRED: $864,000

RENTAL INCOME: $467,400 per annum

OUTGOINGS:

Property Taxes: $41,041

Insurance: $22,000

Gas: $35,049

Electric: $13,147.20

Water: $68,817.60

Management (4%): $18,696

Vacancy (10%): $46,740

Maintenance/Trash/Snow: $23,370

TOTAL OUTGOINGS: $245,491.40



NET INCOME: $221,908.60



THE NET YIELD IS THEREFORE A FANTASTIC 25.8%.

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

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