Portfolio of 92 Units in Detroit

For Sale $ 3350000.00
All dollar amounts in USD
  • Type: apartment
  • Status: open
  • ROI: 9.25%
  • Net Annual Income: $310,090.00
  • Net Monthly Income: $25,840.00
  • Monthly Rent: $50,230.00
  • Annual Rent: $602,760.00
  • Taxes: $33,600.00
  • Management: $62,750.00
  • Insurance: $28,800.00

Description

PROPERTY HIGHLIGHTS

  • Package of 4 Apartment Buildings/92-Units
  • 95% Occupied
  • 9+% Cap Rate
  • Great Location Near Some of Detroit's Hottest Neighborhoods
  • 95% of the Units Are Currently Occupied - Immediate Cashflow
  • Unique Unit Mix in a High-Demand Location

 

PROPERTY DESCRIPTION

Pioneer’s Investment Sales Team is pleased to present the exclusive opportunity to acquire this package of 4 apartment buildings in Detroit's 48224 zip. The assets are conveniently located next to one another creating easy management and are minutes away from I-94 highway and nationally anchored restaurants and retail. 

This portfolio benefits from extensive capital improvement to nearby neighborhoods. 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, a significant portion of the in-place rents not only lag the competition but lag the rents that have been achieved by the property in the recent months meaning increases can push this portfolio closer to a 10-11% ROI.

 

DOCUMENTS

Click HERE to access the documents associated with this portfolio.

 

CONTACT

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