Four Class B Condominiums in Van Buren Township (Belleville), MI

[Joe Semifero]

Four Condominiums in Van Buren Township (Belleville), MI

2 Bedroom / 2 Bathroom, 1050 sq ft, Class B Neighborhood, $320,000

For sale are four (4) condominiums in Van Buren Township, MI, with long term tenants in place for three of the four. These are Class B condos with rising property values. They are close to local shopping (Meijer, Walmart), 5 minute access to I-94 and I-275, 15 min to Detroit Metro airport, and continuing development in the area with an Aldi’s opening and Menard’s being built nearby.

No outside maintenance or outside CapEx required as all exterior (including roofs, landscaping, snow removal, etc.) are included in monthly HOA fees. Biggest potential costs are the furnace/AC unit ($3,200 installed) and appliances (stove, refrigerator, dishwasher, washer and dryer included in unit and sale). All hot water heaters replaced in last 12-24 months. HOA is investor friendly with no limits on investor owners or tenants, and over 50% of the condos are owner occupied. HOA fees also include water.

Rents range from $935 to $1005 per month. Recent rents in the neighborhood have been as high as $1,050 per month, so there is the potential for increasing income to over $50K/year. One unit will be vacant (tenant moving end of March after three years) and all other leases have from 1 to 6 months remaining until they are dues for renewal. All tenants have occupied the condos for between 18 months and 4 years. Cash flow of $500+ per door per month before management, repairs (minimal), and vacancies (two 1-2 month vacancies in last 4 years)

Annual Rents                             $46,380
Annual HOA Fees $12,740
Annual Taxes                               $4,391
Annual Insurance                           $880
Annual Income                          $28,369 (all numbers actuals)

These condos represent an excellent opportunity for an absentee landlord with local management company or a local landlord that wants to self-manage. The condos need a low level of involvement as the HOA covers many areas of concern such as the grass being cut and snow shoveled.

Please contact me directly if interested. Two years of financials available to qualified buyers. Brokers welcome.

Joe Semifero
[email protected]
734-604-5871