Location

EXECUTIVE SUMMARY:

Apple Terrace and Mount Bailey Apartments are each 12-unit buildings adjacent to each fronting on E. Mt Hope Ave at Bailey St & Lyons Ave. The property consists of 2 buildings with each having one 650 sq.ft. one-bedroom and eleven 850 sq.ft. two-bedroom units.

As it pertains to market rents, our carefeully conducted rent comparable study has revealed they are below market by over $55 (one-bedroom) and $114 (two-bedroom) per unit based on the Street Rent. From an underwriting perspective, IPO has conservatively forecasted a year one Pro Forma NOI of $108.73 based on current street rents and a vacancy factor that is consistent with current trends When a modest increase in rents and implementation of the utility charge is included, the NOI rises considerably, creating a significant amount of value add potential without significant additional financial investment.

MEET OUR TEAM

Founder | Managing Member, Michigan | Sales Associate, Kentucky

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Associate Broker, Michigan | Broker, Illinois

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Associate Broker, Michigan | Broker, Ohio

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Associate Broker, Michigan | Managing Broker, Indiana

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Sales Associate, Michigan, Ohio, & Kentucky

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Sales Associate, Michigan

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Sales Associate Michigan | Associate Broker, Ohio | Managing Broker, Kentucky

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Associate Broker, Michigan | Executive Assistant

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Sales Associate, Michigan | Broker, Indiana

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Sales Associate, Michigan & Ohio

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