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Washington - POSSIBLE SELLER FINANCING 423 Washington St 18 Unit Apartment Building $1,465,716 CAD ($81,429 CAD/Unit) 7% Cap Rate Monroe, MI 48161
EXECUTIVE SUMMARY
POSSIBLE SELLER FINANCING AVAILABLE
423 Washington Apartments is comprised of 2 Studios apartment homes at 418 Sq. Ft. and 16 one-bedroom one-bathroom apartments homes at 606 Sq. Ft. It was built in 1929.
Currently, the 423 Washington Apartments is operating at 100% physical occupancy, and for many years, it has maintained this level of performance. Perhaps even more impressive than this asset’s occupancy is the location of this asset.
The property is operating at a stabilized level of operations; however, we are of the opinion that it is operating below its true potential. Based on our meticulously conducted rent comparable study, it was determined that rents are below market when applying the current street rents. From an underwriting perspective, IPO has forecasted a year-one Pro Forma NOI of $73,473 based on street rents and a 6.0% vacancy and bad debt. When accounting for additional increases up to market rents, the NOI rises to $81,042, creating a value-add potential without significant additional financial investment.
423 Washington Apartments is comprised of 2 Studios apartment homes at 418 Sq. Ft. and 16 one-bedroom one-bathroom apartments homes at 606 Sq. Ft. It was built in 1929.
Currently, the 423 Washington Apartments is operating at 100% physical occupancy, and for many years, it has maintained this level of performance. Perhaps even more impressive than this asset’s occupancy is the location of this asset.
The property is operating at a stabilized level of operations; however, we are of the opinion that it is operating below its true potential. Based on our meticulously conducted rent comparable study, it was determined that rents are below market when applying the current street rents. From an underwriting perspective, IPO has forecasted a year-one Pro Forma NOI of $73,473 based on street rents and a 6.0% vacancy and bad debt. When accounting for additional increases up to market rents, the NOI rises to $81,042, creating a value-add potential without significant additional financial investment.
PROPERTY FACTS
| Price | $1,465,716 CAD | Building Class | C |
| Price Per Unit | $81,429 CAD | Lot Size | 0.34 AC |
| Sale Type | Investment | Building Size | 10,550 SF |
| Cap Rate | 7% | Average Occupancy | 100% |
| No. Units | 18 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1929 |
| Property Subtype | Apartment | Parking Ratio | 0.66/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | N/Av, Monroe | ||
| Price | $1,465,716 CAD |
| Price Per Unit | $81,429 CAD |
| Sale Type | Investment |
| Cap Rate | 7% |
| No. Units | 18 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.34 AC |
| Building Size | 10,550 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1929 |
| Parking Ratio | 0.66/1,000 SF |
| Zoning | N/Av, Monroe |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Gas Range
- Walk-Up
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 2 | - | 418 |
| 1+1 | 16 | - | 606 |
1 1
Walk Score®
Very Walkable (84)
PROPERTY TAXES
| Parcel Number | 55-39-00195-000 | Improvements Assessment | $483,139 CAD |
| Land Assessment | $24,196 CAD | Total Assessment | $507,335 CAD |
PROPERTY TAXES
Parcel Number
55-39-00195-000
Land Assessment
$24,196 CAD
Improvements Assessment
$483,139 CAD
Total Assessment
$507,335 CAD
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Washington - POSSIBLE SELLER FINANCING | 423 Washington St
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