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23 MULTI-FAMILY UNITS886-942 Creekwood Lane, Milford, MI
Sold all Together
STARTING BID$2,499,000
Executive SummaryZetabid is pleased to exclusively offer the Creekwood Apartments in Milford Michigan for sale at sealed bid auction February 2018. The 23 unit apartment complex built in 2003 actually consists of 23 legally entitled townhome units which are currently 96% leased. Potential upside selling individual units at tenant expiration (units valued on Zillow at $4.750,000). There are nineteen 3 bedroom, 2.5 bath units with a 1 car attached garage and four 2 bedroom, 1.5 bath units with 1 car detached garage and 100 SF unfinished basement. Broker Cooperation Welcome
Key Details
Site Plan
Year Built 2003
Gross Building Area 32,315 SF (Including Garages)
Gross Rentable/Building Area 29,017 SF
Site 2 Acres (87,115 SF)
Buildings/Units 5/23
Parking/Unit 3.2
Parking 74 (23 Garage & 51 Open / 3 Bed = 1 Attached Garage & 2 Bed = 1 Detached Garage)
Zoning / Village of Milford RM-1 (Multi-family Residential) - Parking Requirement: 2 spces per unit + 1/4 space per unit
HVAC Forced Air HVAC
Unit Amenities: Laundry in-unit, private garages (most)
Foundation Poured Concrete basement walls
Frame Wood/Masonry
Unit Mix: Units % of Total Unit Size Ave NRA (SF)
Unit Type: 2 Bed + 1.5 Bath 4 17.40% 1,152 4,608
Unit Type: 3 Bed + 2.5 Bath 19 82.60% 1,353 25,707
CREEKWOOD LN
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2017 ACTUAL
Income
Rental Income $372,238
Bad Debt $(3,300)
Total Income $368,938
Expenses
Bank Fees $1,126
Dues & Subscriptions $1,028
Insurance Expense $13,449
Landscape/Snow Removal $18,030
Lease Commissions $6,400
Licenses & Permits $25
Postage & Delivery $106
Professional Fees $780
Property Taxes $70,246
Repairs & Maintenance $19,428
Utilities $4,964
Total Expenses $135,581
Net Ordinary Income $233,357
Opening Bid $2,499,999
NOI (Per Seller) $233,357
Cap Rate Matrix
Acquisition Price $2,500,000 $2,800,000 $3,100,000 $3,300,000
Cap Rate 9.3% 8.3% 7.5% 7.1%
Actual 2017
Aerial
Financial Summary
Minimum Opening Bid Amount $2,499,000
Cost per Unit (min bid $$) $108,652
Zillow Value Sold as Townhomes $4,741,168 1.9 X Multiple (Units are individual legal townhomes w/o active HOA)
Gross Income $372,238
2017 NOI $233,357
2017 Actual Cap Rate Min Bid 9.3%
GRM 6.7
886-942 Creekwood Lane, Milford, MI
696
275
96
96
75
75
75
96
69
275
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75
75
94
24
23
23
12
12
23
15
24
24
59
53
59
97
5
14
36
36
59
153
39
10
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886-942Creekwood LaneMilford, MI
MILESMILES25 MILESMILES50
Detroit
The Seller, Zetabid, its employees and agents expressly disclaim as either seller or agent any warranty as to the property. Zetabid nor any of its affiliates or representatives has independently verified any of the information, including any approximations, estimates or projections, contained herein and does not undertake any obligation to independently verify any other written or oral communication.
MICHAEL DAVIN PresidentZetabid, Inc. 424-888-6068 x101 [email protected]
ERIC KOESTERER Director Auction Operations Zetabid, Inc. 424-888-6068X110 [email protected]
For more information, please contact:
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