Promise Land Realty
Feb 202 min
Updated: Apr 26
Multifamily Investment Opportunity
Price
Exclusive Off-Market Opportunity: Prime Detroit Multi-Family Investment
Property Overview:
Address: 2750 Sturtevant, Detroit, MI 48206
Units: 26 (25 two-bedroom units, 1 three-bedroom unit)
Square Footage: 22,905
Property Type: Multi-family (Apartment)
Property Photos: https://www.dropbox.com/scl/fo/96zk9j617145s67xumipk/h?dl=0&e=1&rlkey=ftribmn7cfvbb39gqgmyefuhk
Floor Plans: https://drive.google.com/file/d/1-fChzyY3mQueVTM0SMVH4cw2GYjR3QXY/view?usp=drivesdk
Link to Improvements: https://drive.google.com/file/d/1-hVzuJuFUMI5v35MfaPb2EFXrkEIgPH1/view?usp=drivesdk
Financial Highlights:
Estimated Gross Monthly Rent: $24,950 ($299,400 annually)
Two-bedroom units: $950/month
Three-bedroom unit: $1,200/month
Net Operating Income (NOI): $149,700
Cap Rate: 8%
Asking Price: $325,000
Price Per Unit: $11,538.46
ARV (After Repair Value): $1,871,250
Estimated Rehab Costs: $300,000 - $500,000, varying by desired upgrades
Property Features:
Occupancy: Vacant, offering a blank canvas for the visionary investor
Exterior: Classic brick facade
Improvements: Includes emergency but permanent roof repair, extensive clean-out, electrical and plumbing permits for phase one, water line connection, and more. Building permits submitted and under review; drawings 80% complete.
Investment Potential: This property presents a unique opportunity to capitalize on Detroit's vibrant rental market. With a solid cap rate and significant upside potential post-rehab, it stands as an enticing proposition for investors looking to expand or enter the Detroit real estate scene.
Additional Resources:
Photos: View Photos
Location: Google Maps
Floor Plan & Improvement Details:
For a detailed discussion on this investment and to submit offers, please contact us directly at investments@promiselandrealtyllc.com. Seize the opportunity to own a piece of Detroit's resurgence with this promising apartment complex.
PROMISE LAND REALTY, LLC
Work: 864-762-2509
investments@promiselandrealtyllc.com
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top