Income Property Organization Lists 67-Unit Southfield Apartment Complex for Sale

Income Property Organization (IPO) is the listing brokerage for a 67-unit apartment complex in Southfield, Mich., the bidding for which is now open until March 15, 2017. The property, known as Wakefield Apartment Homes, is located in Michigan’s wealthiest county and the second most populated county in the state of Michigan.

Current occupancy for Wakefield is 92.5 percent. The newly renovated complex is located on 1.62 acres of property and there is ample parking and carports, along with in-unit laundry hook ups.

There are nine two-story buildings in the complex, which has a utility reimbursement and trash pickup fee negotiated with tenants.

Wakefield Apartment Homes, which were built in 1976, are configured in what is being described as an "incredibly competitive" breakdown of unit styles, including one 1,000-square foot, one-bedroom unit, thirteen 1,400-square-foot stacked two-bedroom units, thirty three 1,400-square-foot three-bedroom units and nineteen 1,400-square-foot ranch-style three-bedroom units.

Unit amenities include washer and dryer hook-ups, central air, individual entrances, and a balcony or patio.

The property is equipped with a tenant-paid, gas-forced air heating systems, which offers considerable savings to an owner, especially when the cost associated with heating units of this size is factored into the analysis.

Because the units have exterior entrances, an owner also incurs virtually no expense for common area utilities.
The complex received a $1.3 million rehabilitation that was done to the property over the course of the last four years, including replacement of windows and door walls, entry doors, roofs, exterior painting, lighting, landscaping, parking lots, HVAC replacement, retention pond repairs and various unit upgrades.

Income Property Organization in Bloomfield Hills, Mich. offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property. To learn more or inquire about multifamily investment opportunities, visit http://www.incomepo.com or contact Greg Coulter at (248) 932-0300.

PO Box 871346
Canton, MI

This release was published on openPR.