15-Unit Tenant Occupied Apartment

Sold $ 515000.00
All dollar amounts in USD
  • Type: apartment
  • Status: open
  • ROI: 12.60%
  • Net Annual Income: $65,057.00
  • Net Monthly Income: $5,421.00
  • Monthly Rent: $8,695.00
  • Annual Rent: $104,340.00
  • Taxes: $7,287.00
  • Management: $10,434.00
  • Insurance: $2,842.00

Description

PROPERTY HIGHLIGHTS

  • 15-Unit Apartment Building in Detroit, MI – 90% Occupied
  • 12+% ROI
  • Great Location Near Some of Detroit's Hottest Neighborhoods
  • 90% of the units are occupied - Immediate Cashflow
  • High-Demand Location

PROPERTY DESCRIPTION

Pioneer’s Investment Sales Team is pleased to present the exclusive opportunity to acquire this 15-unit apartment building located in Detroit’s 48227 zip. This property is conveniently located just off I-94 Highway and are minutes away from nationally anchored restaurants and retail. 

This is an extremely clean property with a brand-new roof, several remodeled units, and ample off-street parking for tenants. This portfolio benefits from extensive capital improvement to nearby neighborhoods totaling several million. These strategic property improvements will benefit the asset and the investment for years to come. Given the great overall condition and excellent location of the properties, this will allow a new investor to reap the benefits with very little deferred maintenance. Further, market cap rate in Detroit for commercial multifamily properties is approximately 8%. We have this aggressively priced at 12.6% and we believe there is room for rental increases per unit which could easily put this Cap over 13%. Contact us TODAY, this property will sell quickly!!

CONTACT

To learn more about this property please email our Investor Relations Manager or call us at 248.727.3252