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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.

Property Facts Under Contract

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

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
13-05-279-043
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$233,810

zoning

Zoning Code RM
RM
  • Listing ID: 33909707

  • Date on Market: 11/18/2024

  • Last Updated:

  • Address: 4081 Airport Rd, Waterford Township, MI 48329

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