38240 Fairway Ct, Unit 59A Clinton Township, MI 48038
Meticulously maintained 10-unit portfolio with income growth potential.
Property Features for 38240 Fairway Ct
General Information
- Standard status
- Active
Building Details
- Year built
- 1972
Source:
Crexi
Listing Agent: Elvis Xhihani
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Turnkey Multifamily Portfolio in Macomb
This is a 10-unit condo portfolio strategically positioned across two desirable Macomb County locations. The property is a value-add investment offering both immediate cash flow and significant income growth potential. The fully occupied portfolio generates $129,000 in annual gross income with a 7.64% in-place cap rate. Rent adjustments to market rates can potentially capture an additional $20,400 in annual income, pushing the pro forma NOI to $96,415 and the cap rate to 9.18%. The month-to-month lease structure provides flexibility to implement these increases. Seven of ten units have been renovated with premium finishes, including custom wood cabinetry, granite countertops, and tile backsplash. The remaining three units present additional upside opportunity. The portfolio features a diverse mix of unit types ranging from 650 SF one-bedroom units to 1,248 SF three-bedroom units. At the Fernhill location, all upper floor units feature in-unit washer/dryer. The sub-level 1BR/1BA units include washer/dryer hookups. Upper floor units also offer private balconies. The Clinton Township units at Fernhill Golf Club offer a premier lifestyle location with the golf course within walking distance, mature landscaping, and a quiet residential atmosphere. The Fraser units provide connectivity to major retail corridors, Macomb Community College, and freeway access. With 100% occupancy and 70% of units already renovated, this offering combines stability with opportunity.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Clinton Township
- County
- Macomb
- State
- Michigan
- Longitude
- -82.947829
- Latitude
- 42.578146
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FAQs
What type of property is this?
Apartment building - Meticulously maintained 10-unit portfolio with income growth potential.
Where is this apartment building located?
The property is located at 38240 Fairway Ct, Unit 59A Clinton Township, MI.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: - High In-Place Cap Rate: Generates a strong 7.64% cap rate with $129,000 in annual gross income.; - Significant Income Growth Potential: Opportunity to increase annual income by $20,400 through rent adjustments.; - 70% Renovated Units: Seven of ten units are renovated with premium finishes.
