Penrod & Faust Apartments – INCOME PROPERTY ORGANIZATION

Penrod & Faust Apartments

Penrod & Faust Aparmtnets

SOLD: $1,541,000

18401 Joy RdDetroit, MI 48228
Property Type: Multifamily
Number of Units: 58
Price Per Unit: $26,569
Average Square Feet: 600
Gross Rent Multiplier: 5.13
Expense to Income Ratio: 59.69%
Debt Service Coverage: 1.63

Listing Agent: Jason Gardner

Location

EXECUTIVE SUMMARY:

Penrod and Faust is situated on Joy road between Evergreen Rd and Southfield Freeway. Penrod and Faust is 1.5 miles South of I-96, 2 miles North of Ford Rd and 2.5 Miles East of Telegraph. These garden style buildings were built in 1970 and consist of an attractive mix of Fifty-Eight 600ft² one-bedroom units. The tenants pay for electricity and the landlord is responsible for water, gas and lawn and snow maintenance.

MEET OUR TEAM

Founder | Managing Member, Michigan | Sales Associate, Kentucky

Associate Broker, Michigan | Broker, Illinois

A.J. Beachum, J.D.

Associate Broker, Michigan | Broker, Ohio

Associate Broker, Michigan | Managing Broker, Indiana

Sales Associate, Michigan, Ohio, & Kentucky

Sales Associate, Michigan

Paul McHugh, J.D.

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

Associate Broker, Michigan | Executive Assistant

Broker, Indiana | Sales Associate, Michigan & Ohio

Sales Associate, Michigan & Ohio