Eastpointe Apartments

Eastpointe Apartments
Sold | $1,200,000

Eastpointe, MI | Units: 20 | Price Per Unit: $60,000 | Avg Sq Ft: 675 | GRM: 8.18 | DSC: 1.45 | Year 1 ROI: 7.56% | Listing Agent: Greg Coulter

Location

Executive Summary

Eastpointe Apartments is a well-maintained, quiet, multifamily community located at 15515 – 15525 E. Ten Mile Road, which is between Hayes Road and Gratiot Avenue and on the north side of E. 10 Mile Road. This two-building complex was built in 1969 and has a combined 20 units. It is constructed of brick with a hi-pitch (asphalt shingles) roof. The property offers a diversified and extremely competitive unit mix comprised of 10 one-bedroom units with approximately 600 sq.ft. of living space, and 10 two-bedroom units with approximately 750 sq.ft. of living space. Each apartment has electric radiant – ceiling heating, and has through-wall AC units. The tenants are responsible for their own electric with the landlord being responsible for the water.