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| | Cedarway Apartments | 
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Property Type: Residential Income - Apartments
Last Updated: 6/23/2009 4:59:53 PM EST
Property # 23739
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Location:
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Lansing, Michigan 48910 USA
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View Address On Mapquest
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Value:
Loans:
Equity:
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$400,000
$259,000
$141,000
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Property Description:
16-Unit Apartment Building with laundry facility. Good occupancy.
Benefits to New Owner:
Cash flow property, depreciation write-off
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Unit Mix
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| # Units |
7 |
Bed/Bath |
2/1 |
Approx. Sq. Ft. |
550 |
Avg. Rent/mo. |
$575 |
| # Units |
9 |
Bed/Bath |
1/1 |
Approx. Sq. Ft. |
450 |
Avg. Rent/mo. |
$450 |
| TOTALS |
16 |
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Annual Income & Expense
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| | Per/Year | % of G.I. | Projected/Year | | Gross Schedule Income | $96,300 | 100% | | | Less Vacancy (-) | $14,250 | 15% | | | Other Income (+) | $2,400 | 2% | | | Gross Operating Income | $84,450 | 100% | | | Operating Expenses (-) | $45,037 | 47% | | | Net Operating Income (=) | $39,413 | 41% | | | Loan Payments (-) | $25,260 | 26% | | | CASH FLOW (=) | $14,153 | 15% | | | Capitalization Rate | 9.85% | | 0.00% | | Lot Size | 45 Acre | | Zoning | Mult | | Yr. Built | 1969 |
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Loans
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| | | Balance | Mo. Payment | % Rate | Year Due | Lender | Assumable | | Loan #1: | $255,000 | $2,105 | 7 | 2010 | Conventional | NO | | TOTALS | $255,000 | $2,105 | | | | |
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Additional Information Available Upon Request
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| No Appraisal available at this time | Maps: Area & Plat
Title Report
Photographs
Leases
Financial Statements
Permits and Licenses |
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Can Adds
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| | | Property Type | Value | Loans | Equity | Cash Flow (Yr.) | | 1 | Residential Income/Apartments | $380,000 | $285,000 | $95,000 | $12,000 | | 2 | Personal Property/Boat / Yacht | $34,000 | $0 | $34,000 | $0 | | 3 | Personal Property/Other | $2,000 | $0 | $2,000 | $0 | | | CAN-ADD TOTALS | $416,000 | $285,000 | $131,000 | $12,000 |
| Can Adds Comments | | 8-unit apartment building, easy to rent, great location, easy to manage, good cash flow. 2006 MB Sports 22' Inboard Ski/Wakeboard Boat. Suzuki 125 Dirtbike. Trailer also available. |
Click to view Other parties that may want what you have based on a computer match from the property records data
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Owner's Profile
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| Occupation NRG Resources Midwest Name Please Sign In or Register to view owner information. | | Why Owner No Longer Wishes to Own This Property | The investment is too passive (need more action/opportunity)
Reduce time and management of property
Want a job/business: this property is a way to achieve that goal
Property has a loan coming due that owner does not care to or cannot refinance
Want to simplify my estate and property(s) could be a problem for heirs |
| Owner Comments and Benefits desired from Exchange | | Want to free up time and pay off debt on property and invest buy equipment to improve my other business. |
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Will Consider Exchanging For
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Commercial: Other
Industrial: Mini Storage
Residential Income: Condo(s)
Land: Farm / Ranch
Personal Property: Cash, Notes / Paper, Automobile, Insurance/Viaticals
Business Opportunities: Boarding, Care Home, Health, Industrial, Lodging, Marina, Market, Recreation, Restaurant, Retail, Sports, Other
Owner Occupied: Condominium
Services Offered: Other
U.S. Locations
| Map | States/Regions:
Regions: 'WEST', 'SOUTHWEST', 'MIDWEST', 'SOUTHEAST' |  |
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Property Represented By
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| Click Here to contact the Owner or Agent representing this property. |
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not guarantee or warranty any information contained herein.
It is your responsibility to seek independent assistance for legal, tax, financial
and physical inspections. All information submitted is subject to errors, omissions,
change of price/value, withdrawal and to any special listing conditions
imposed by the principals.
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