Location

EXECUTIVE SUMMARY:

National Road is an 84-unit complex developed in 1963 and includes a simple mix of 79 one-bedroom apartments and 5 two-bedroom apartments. There is an on-site office, which can be converted back into a two- bedroom unit, making the count 78 and 6. National Road offers affordable living with a home-style feel. The floorplans are all identical, and with tenants paying all utilities, are hassle-free and easy to maintain.

National is poised for new ownership with a value-add mentality. There are 28 units (14 on each ground floor) that are down to the studs. Estimated rehab cost is $15,000 per unit. The remaining 56 units are all occupied and could use some rehab. Currently, the average rental rate is $465 per month. Upon completion of rehab, National will rent for about $625-675 per month for one bedroom units and $675-750 for two-bedroom units. Note that current in-place gross income is approximately $315,000.

National Road is outfitted with tenant-paid gas forced air furnaces, electric through the wall A/C units, and individual, gas hot water tanks for each unit. All units have their own water meter. There are 4 water main bills; Landlord pays this, and tenants pay their own metered share to Landlord. There are two common area laundry facilities on site (one in each building).

MEET OUR TEAM

GregoryDCoulter

Founder | Managing Member, Michigan

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Jason Gardner

Partner | Associate Broker, Michigan

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Associate Broker, Michigan | Broker, Ohio

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J.J. Zwada

Associate Broker, Michigan | Managing Broker, Indiana

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Bruce Lister

Sales Associate Michigan and Ohio

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Joseph Crane

Sales Associate Michigan

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Paul McHugh

Sales Associate Michigan | Associate Broker Ohio

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Matt Seeley

Associate Broker, Michigan | Executive Assistant

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Sales Associate, Michigan | Broker, Indiana

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Sales Associate, Midwest

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