Richwood Estates

Sold | $1,800,000

Fraser, MI | Units: 24 | Price Per Unit: $75,000 | Avg Sq Ft: 850 | GRM: 8.10 | Year 1 ROI: 7.05% | Listing Agent: Greg Coulter

Location

Executive Summary

Richwood Estates Apartments is located at 18440-18480 14 Mile Road, just east of Groesbeck Highway, on the south side of 14 Mile Road. It is comprised of 3 two-story low rise buildings built in 1990. Each building contains 2 one-bedroom units, 700 sq. ft. and 6 two-bedroom units, 900 sq. ft. Notable for investors is the occupancy, which is currently 100%. Strong occupancy such as this is mainly because Richwood Estates Apartments advertises itself with its exceptional location and ample frontage on 14 Mile Road.