Rare opportunity on this Value Add Multi Family comprised of 19 units. Full brick well maintained building in the heart of Detroit. All units have been renovated. Unit mix consists of (14) one bedroom units, (1) two bedroom units ,(4) studio units. Strong financials with a projected 11% cap rate with all 19 units rehabbed. Each hallway and common areas are updated. Each unit has its own electric meter, Plenty of crucial upgrades completed including new boiler, common area and unit renovations, and many other capital upgrades totaling 250,000. The exterior has been impeccably maintained with a newer Spanish clay tile roof on the building, newer windows, and parking available for tenants. All tenants are in great standing with management, and management is offering a one or two year transition management agreement to the new investor. Conveniently located near major highways making commuting to nearby landmarks such as Wayne State University and Downtown Detroit. Don't miss out on this amazing opportunity.
General Information
Sale Price: $995,000
Price/SqFt: $90
Status: Active
MLS#: rcomi20240087297
City: detroit
Post Office: detroit
Schools: detroit
County: Wayne
Acres: 0.19
Lot Dimensions: 76.00 x 110.00
Size: 11,075 sq.ft.
Acreage: 0.19 est.
Year Built: 1929
Property Type: Commercial
Style:
Tax, Fees & Legal
Est. Summer Taxes: $10,997 Est. Winter Taxes: $1,333
