Airport Road Apartments | 4081 Airport Rd
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Airport Road Apartments 4081 Airport Rd
5 Unit Apartment Building $650,000 ($130,000/Unit) 6.87% Cap Rate Waterford Township, MI 48329
Executive Summary
This property boasts of 5 two-bedroom and one & one-half bath townhomes, each measuring 1,200 square feet. The Airport Road Apartments was built in 1971 and has been well maintained over the years with landscaping.
Currently the Airport Road Apartments is operating at 100% physical occupancy and has maintained this level of performance for many years, requiring only minimal management oversight from ownership. Even more impressive than this asset’s occupancy is the location of the assets.
IPO has projected an NOI going forward of $44,629 based on street rents and 2023 Profit & Loss schedule. However, in year two when the complex is brought up to market, the NOI increases to $52,054.
Currently the Airport Road Apartments is operating at 100% physical occupancy and has maintained this level of performance for many years, requiring only minimal management oversight from ownership. Even more impressive than this asset’s occupancy is the location of the assets.
IPO has projected an NOI going forward of $44,629 based on street rents and 2023 Profit & Loss schedule. However, in year two when the complex is brought up to market, the NOI increases to $52,054.
Property Facts Under Contract
| Price | $650,000 | Apartment Style | Townhome |
| Price Per Unit | $130,000 | Building Class | C |
| Sale Type | Investment | Building Size | 7,031 SF |
| Cap Rate | 6.87% | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1977 |
| Property Subtype | Apartment |
| Price | $650,000 |
| Price Per Unit | $130,000 |
| Sale Type | Investment |
| Cap Rate | 6.87% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Townhome |
| Building Class | C |
| Building Size | 7,031 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1977 |
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Smoke Free
- Storage Space
- Public Transportation
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 5 | - | 1,200 |
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PROPERTY TAXES
| Parcel Number | 13-05-279-043 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $233,810 |
PROPERTY TAXES
Parcel Number
13-05-279-043
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$233,810
zoning
| Zoning Code | RM |
| RM |
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Airport Road Apartments | 4081 Airport Rd
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