The Gardens Apartments | 1250-1256 E West Maple Rd
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The Gardens Apartments 1250-1256 E West Maple Rd
32 Unit Apartment Building $3,995,000 ($124,844/Unit) 6.50% Cap Rate Walled Lake, MI 48390
EXECUTIVE SUMMARY
This property boasts of 24 one-bedroom and one-bath apartment homes, each measuring 700 square feet, and 8 two-bedroom and one-bath apartment
homes, each measuring 800 square feet. The Gardens Apartments was built in 1974 and completely rehabbed in 2023.
Currently, The Gardens Apartments is operating at 96.9% physical occupancy. Even more impressive than this asset’s occupancy is the condition of the asset.
IPO has projected an NOI going forward of $259,510 based on street rents and 2024 Profit & Loss schedule. However, in year two when the complex is brought
up to market, the NOI increases to $281,590.
homes, each measuring 800 square feet. The Gardens Apartments was built in 1974 and completely rehabbed in 2023.
Currently, The Gardens Apartments is operating at 96.9% physical occupancy. Even more impressive than this asset’s occupancy is the condition of the asset.
IPO has projected an NOI going forward of $259,510 based on street rents and 2024 Profit & Loss schedule. However, in year two when the complex is brought
up to market, the NOI increases to $281,590.
PROPERTY FACTS Under Contract
| Price | $3,995,000 | Building Class | C |
| Price Per Unit | $124,844 | Lot Size | 2.10 AC |
| Sale Type | Investment | Building Size | 22,000 SF |
| Cap Rate | 6.50% | Average Occupancy | 100% |
| No. Units | 32 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1974/2023 |
| Property Subtype | Apartment | Parking Ratio | 1.56/1,000 SF |
| Apartment Style | Low Rise |
| Price | $3,995,000 |
| Price Per Unit | $124,844 |
| Sale Type | Investment |
| Cap Rate | 6.50% |
| No. Units | 32 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 2.10 AC |
| Building Size | 22,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1974/2023 |
| Parking Ratio | 1.56/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Refrigerator
- Oven
- Range
- Carpet
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Smoke Free
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 24 | - | 700 |
| 2+1 | 8 | - | 800 |
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PROPERTY TAXES
| Parcel Number | 17-35-103-015 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $910,140 |
PROPERTY TAXES
Parcel Number
17-35-103-015
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$910,140
ZONING
| Zoning Code | N/Av, Walled Lake |
| N/Av, Walled Lake |
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The Gardens Apartments | 1250-1256 E West Maple Rd
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