Valley View Apartments – INCOME PROPERTY ORGANIZATION

Valley View Apartments

Valley View Apartments

SOLD: $1,300,000

45645 Brownell St., Utica, MI 48317
Property Type: Multifamily
Units: 23
Cap Rate: 7.04%
Price Per Unit: $56,522
Gross Rent Multiplier: 7.92
Monthly Income Per Unit: $652.17
Expense to Income Ratio: 44.27%
Average Square Feet: 724
Debt Service Coverage: 1.46
Cash Flow: $31,459
ROI Year One: 8.83%

Listing Agent: Greg Coulter

Location

EXECUTIVE SUMMARY:

Valley View Apartments is located at 45645 Brownell Street, which is north of M-59 and west of Cass Road. It is comprised of two ranch style buildings, with walkout basements situated on a site containing .602 acres. They were built in 1965, and are constructed of brick and vinyl with a hi-pitch (asphalt shingles) roof. The property has a mix of garden and loft style apartments. The property contains a unit mix of twelve 850 sq.ft. one-bedroom loft units, nine 450-600 sq.ft. one–bedroom units, and two 700 sq.ft. two-bedroom units. Valley View Apartments is walking distance to downtown, with great bars and restaurants. Notable for investors is the excellent location and condition of this asset.

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