629 W Maple Rd - Apartments FOR SALE


Clawson, MI 48017
$4,249,000 USD
248-515-2785
629 W Maple Rd, Clawson, MI for Sale
$4,249,000 USD
Apartments - FOR SALE
1/6
null | 6.42% Cap Rate

629 W Maple Rd
Clawson, MI 48017


OVERVIEW

This property has 24 two-bedroom and one-bath apartment homes, each measuring 925 – 1,100 square feet, & 1 three-bedroom and one and one-half bath apartment homes, measuring 1,200 square feet. Z on Maple Apartments was built in 1958. Currently, Z on Maple Apartments is operating at 92% physical occupancy. Even more impressive than this asset’s occupancy is the condition of the asset. The recent Cap Ex includes: both roofs within the last 2 years, 90% of the units over the last 10 years, all new electrical panels, parking lot was resealed last year. IPO has projected an NOI going forward of $272,652 based on street rents and 2025 Profit & Loss schedule. However, in year two, when the complex is brought up to market, the NOI increases to $284,926.

FOR SALE DETAILS

PRICE

$4,249,000 USD

PRICE/SF

$183 USD /SF

# OF UNITS

25

PRICE/UNIT

$169,960

CAP RATE

6.42%

% LEASED

92%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Z on Maple

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1958

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.37 AC

LAND SF

16,296 SF

ZONING

RM1, Clawson

APN/PARCEL ID

20-33-201-064

ASK ABOUT THIS PROPERTY

Bruce ListerIncome Property OrganizationMore Info
248-515-2785

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Bruce ListerIncome Property OrganizationMore Info
248-515-2785

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