66 UNIT APARTMENT, WATERFORD, MICHIGAN
850K SHORT SALE PRICE , 12.8k per door!! The building was built in 1965, total Sq Footage is 46,500, SEV is 806,950.00, total Acres 2.55, Current lien with bank 1.455M, Short Sale completed $850,000.00. The structure is a two story brick building, frame construction with concrete poured on all floors first and second, for max Sound Proofing. The roofs are flat and with out any leaks, they have been well maintained and upgraded through the yeas. There are 5 buildings, four of which have a 4 ft crawl space and the other has a full basement with laundry room, storage, work shop, and mechanical room.
The crawls are very important for any repairs issues, plumbing etc. The building structurally is very sound and well though out for maintenance reasons. There is a boiler system for the hot water heat which is the responsibility of the owner, this systems has been very well maintained with all of past and current third party inspection certificates. The electrical is all separate metered for all separate billing to tenants, this is a very good feature, this would allow for a future condo project to sell the building as condo's as a solid exit strategy down the road.
The units that are empty all need updating. the building has been well maintained,
however they have not updated the units through the years. The balcony that accesses all the tenants to the second floor has been repaired in some area's however this will need future repairs. |
