425 Donovan St - Apartments FOR SALE


South Lyon, MI 48178
$4,250,000 USD
360-989-5395
425 Donovan St, South Lyon, MI for Sale
$4,250,000 USD
Apartments - FOR SALE
1/24
null | 6.5% Cap Rate

425 Donovan St
South Lyon, MI 48178


HIGHLIGHTS

  • Renovated
  • Cash Flow
  • Stabilized

OVERVIEW

Donovan Townhomes presents an opportunity to acquire a fully stabilized, 20-unit townhome community in South Lyon, a tightly held Oakland County submarket. The property comprises five buildings built in 1960, offering a mix of 12 two-bedroom units (975 SF) and 8 three-bedroom units (1,079 SF), each with its own private exterior entrance, across roughly 20,656 total square feet with 40 parking spaces. At 100% occupancy, the asset generates monthly gross rental income of approximately $31,000, equating to an annual gross potential income of roughly $372,000. The property carries a favorable utility structure that supports net operating income. Each unit is individually metered for electricity and gas, which tenants pay directly, while ownership covers only water and trash. Units are equipped with forced-air heat and central air, and an active utility reimbursement program adds further income to the operating statement, helping keep the expense load light relative to the property's income. Donovan Townhomes' design sets it apart from the garden-style apartment product that dominates the South Lyon rental market. Its five buildings offer private, town-home units with individual entrances and spacious 2- and 3-bedroom floor plans well suited to families -- a rental alternative to the area's increasingly expensive for-sale housing stock, which continues to support strong demand and occupancy at the property.

FOR SALE DETAILS

PRICE

$4,250,000 USD

PRICE/SF

$206 USD /SF

# OF UNITS

20

PRICE/UNIT

$212,500

CAP RATE

6.5%

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Donovan Townhomes

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1960

PARKING SPACES

76

LAND DETAILS

LAND ACRES

1.21 AC

LAND SF

52,708 SF

ZONING

AI

APN/PARCEL ID

21-20-353-007

ASK ABOUT THIS PROPERTY

Brady WilliamsGreater DevelopmentMore Info
360-989-5395

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Brady WilliamsGreater DevelopmentMore Info
360-989-5395

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.