Description
Rare opportunity on this Value Add Multi Family comprised of 19 units with 2 additional potential conversions. Full brick well maintained building in the heart of Detroit. Unit mix consists of (14) one bedroom units, (1) two bedroom units ,(4) studio units. Strong financials with a projected 11% cap rate with 16 of 19 units rehabbed and occupied and the other 3 units are in the process of being 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.
Location
IDX provided courtesy of Realcomp II Ltd. via site owner and the originating MLS listed above, ©2022 Realcomp II Ltd. Shareholders. IDX information is provided exclusively for consumers' personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Updated: 31st May, 2023 9:48 PM (UTC)
Listing Agent: Fadi Dabaja
Listing Office: EXP Realty LLC
