Summervilla, a multi-family townhome complex for sale in Flat Rock, MI. Located on the corner of Will Carleton Rd and Telegraph Rd. Just north of Monroe, and south of Metro Detroit. This townhome complex consists of 8 total units. There is 4 units per building, and it has been built and managed by the original owners since August of 1984. Owners also own building and remodeling companies, so these units have been maintained and updated meticulously. This could possibly be a condo - conversion opportunity as well. Each unit is a 2 bedroom, 1 ½ bath, two level townhome. Kitchen, ½ bath, living room, patio and dining room are on level one. Bedroom 1, bedroom 2 and full bath and upper deck are on level two. • 1200 square foot units • Washer and dryer in each unit • All remodeled with modern IKEA kitchens with stainless steel appliances such as: microwave, dishwasher, gas stoves, refrigerator • Each unit has an attached walkout 12’x12’ deck • Recently replaced all hot water tanks, furnaces and central AC units. Gas forced heat, and air • There is newer JELD-WEN sliding doors, new insulated entry doors with windows in them • STUCCO on exterior of the building These two buildings have manicured landscaping, as well as paved parking, commercial metal mail boxes, and a large attached 11’x12’ utility shed at the east end of the first building Market average for these units is roughly $950-$975, 12-month lease minimums. Operational expenses hover around 25% of gross revenues. Occupancy rate has been 100%, with many years having a waiting list for a unit to open up. Our tenants love living there; we have multiple long term tenants. The current market for the area, newly updated units, and an excellent location in Monroe county, with a lower tax base than the adjacent Wayne county, makes this a great long-term investment for many years to come. Owner may be willing to negotiate a land contract. We are looking for 20-25% down payment, terms negotiable after that. More financials can be provided upon request. Please call 248-318-5176 for more information. I do not need help selling. Thank you
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