45 Units,, Flint Michigan, United States
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| Listing Type | For Sale | | Property Type | Apartment | | Tenure | Freehold | | Listing Price | USD900,000.00USD0.00 | | Currency | USD (United States dollar) | | Agent Name | Foreign Sunshine Realty (Pte.) Ltd |  | (65) Click for Phone Number |  | Click for Fax Number | | Posted Date | 7/30/2012 |
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Total Units: 45
Sale Price : 500,000
Occupancy: 78%
Style: Garden
Heating System: Gas Forced Air Heat (Landlord-Paid)
Roof: Hi-Pitch (Asphalt Shingles) 5 years old
Garage: Yes, Two Car Garage on Site
Office: Yes, On-site Office
- 45 units, and is located in Flint, Michigan.
- within 1.5 miles of downtown
- Flint has envisioned its renewed local economy with a focus on higher education. In addition to
MSU’s Medical School, colleges such as University of Michigan Flint, Kettering University, Mott
Community College, and Baker College all call downtown Flint home.
- 45 one-bedroom/1 bathroom units.
- The heat is provided via gas-forced air furnaces and is master metered, providing a buyer
with an opportunity to add value by implementing a RUBS system
- The roofs were replaced 5 years ago and are high-pitched with asphalt shingles
- This offering also includes a vacant parcel located across the street from Mary Ann.
- The current ownership has successfully operated the complex, with historical occupancy at or above 90%.
- Currently, the occupancy is 78%
- this is a result of the ownership’s inability to devote the necessary management efforts to administer to complex due to personal matters
- The 2010 NOI was $57,929, reflecting an honest 12% cap rate based on the asking price of $900,000
Contact agent: [email protected]
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