Updated: Jan 24
Multifamily Apartment Investment Opportunity
GARDEN STYLE APARTMENT BUILDINGS
CAP RATE: 8.3%
Great opportunity to invest in a multifamily property in College Grove is an income producing value add opportunity. The property is a 68-unit apartment building located on the westside of Detroit, Michigan. The property is positioned in Harmony Village Neighborhood, between Puritan St and McNichols John C Lodge Freeway. College Grove consists of 3 buildings, with parking spaces in the back of the building. The unit mix consists of sixty (60) 1 bedroom 1 bath units, approximately 600 square feet and (8) 2 bed 1 bathroom units. The property is 80% occupied, charging over $39,596 per month in gross potential rent. With another $11,900 in income to be added within the next 18 days. Of the 68 units - 22 have been turned with light renovations including new carpet and paint, vinyl flooring in the kitchen where needed, and appliances where needed. Newly turned units (and lease renewals) are being leased at $850/month with the average cost to turn a unit ranging from $2500-$4,000. The last unit to be leased in the building was at $850 per month, and the average rent per unit in the property is currently at $800 per month. All leases are renewed on a month-to-month lease. Seller has a current waiting list of applicants and tenants from multiple housing organizations who are paying the new tenants rent. These organizations are providing 1st month and last month rent for a security deposit as well as paying the first 2 months’ rent in advance.
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"Your #1 Source for Off Market Investment Properties, NATIONWIDE"
PROMISE LAND REALTY, LLC
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. 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*