Buy&Hold (Multifamily): (24 Units) 3205 Kendall, Detroit, MI 48238 + SOLD
- Promise Land Realty
- Oct 3, 2025
- 3 min read
Updated: Dec 27, 2025
Multifamily Investment Opportunity
Price
$ 790,000
Off-Market Investment Opportunity
24-Unit Multifamily Investment Opportunity | Oakman Blvd, Detroit
Unlock immediate income and long-term upside with this 24-unit brick apartment building located in Detroit’s Oakman Blvd neighborhood. The property features 12 one-bedroom units and 12 studios, with 19 units currently occupied and producing $14,400 per month in rental income.
With strong demand for affordable housing in the area, this asset is primed for housing voucher tenants and rent premium potential through cosmetic renovations. Most major mechanical systems have already been addressed, allowing investors to focus on value-add interior upgrades.
Investment Highlights
✅ 24 Units Total – 12 One-Bedrooms / 12 Studios
✅ 19 Units Occupied | $14,400/Month Current Rent Roll
✅ High Demand Location – Ideal for Section 8 / MSHDA / Voucher Tenants
✅ Significant Value-Add Through Interior Renovations
✅ Strong Mechanical Backbone – Lower CapEx Exposure
Recent Improvements by Current Ownership
New Boiler – Installed within the last 5 years; inspected annually since
Electrical System Upgraded – Converted from fuses to breakers (≤5 years old)
New Glass Block Windows – Installed within the last 4 years
New Roof Installed in 2016
With solid in-place cash flow and clear path to upside, this property checks all the boxes for investors seeking scale, stability, and value-add potential in one package.
Sales Comps
Financial Overview
In-Place Income Performance
Metric | Amount |
Current Occupancy | 19 / 24 Units |
Current Monthly Rent Roll | $14,400 |
Gross Scheduled Rent (Annualized) | $172,800 |
Underwriting Summary
Underwriting Assumption | Input |
Vacancy & Credit Loss | 5% |
Operating Expenses (excl. T&I) | 25% of EGI (light Opex) |
Insurance | $28,133 |
Property Taxes | $12,515 |
Capital Reserve | $250 / Unit / Year ($6,000) |
Conservative Financial Model
Line Item | Amount |
Gross Scheduled Rent | $172,800 |
Less: 5% Vacancy | ($8,640) |
Effective Gross Income (EGI) | $164,160 |
Less: Operating Expenses (25% of EGI) | ($41,040) |
Less: Insurance | ($28,133) |
Less: Property Taxes | ($12,515) |
NOI (Before CapEx Reserve) | $82,472 |
Less: CapEx Reserve ($250 × 24 Units) | ($6,000) |
Underwritten Net Operating Income | $76,472 |
Cap Rate Analysis
NOI Basis | Cap Rate |
Updated Underwritten NOI ($76,472) | 9.7% |
Proof of funds required for access.
Submit All Offers & Inquiries Directly To: investments@promiselandrealtyllc.com
This is an off-market solicitation; please do not disturb area occupants or ownership.
Property Map
OFFICIAL PROMISELAND LENDING PARTNER
100% Financing for Rehab Projects
Powered by Residential Capital Partners
ResCap is a direct private lender offering zero-money-down loan options for 1-4 unit residential investment flips & rentals across the U.S.
🔹 100% Financing – Covers purchase + rehab
🔹 Fast Closings – ~10 days
🔹 Credit Requirements – 620+ FICO (Rehab), 660+ FICO (DSCR)
🔹 Loan Size – $75K–$1.25M
🔹 Rates – 10.9%–11.9% | 2–3% origination | 1st lien
🔹 Serviced In-House | Virtual Inspections | No Owner-Occ or Rural Props
Nationwide Coverage (Excludes: AK, AZ, NV, PA)
Proof of Funds Available
This listing is proudly sponsored by Residential Capital Partners – trusted lending for the nation’s best flippers.
For more info email sarter@promiselandrealtyllc.com or text (864) 762-2509
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PROMISELAND DISCLAIMER:
Promiseland Realty LLC is a nationwide real estate consulting firm specializing in off-market investment opportunities, strategic acquisitions, and real estate advisory services.
No one is permitted to market, advertise, or distribute this listing without express written permission or verified membership within the TEAM PROMISELAND network. Unauthorized use or sharing of this opportunity, photos, or property information will result in a $500 fine per incident, enforceable by law.
All off-market properties are sold As-Is, Where-Is. Buyer is responsible for conducting their own due diligence. Properties are conveyed via warranty deed, and Promiseland Realty LLC is selling its assignable contractual interest.
Proof of Funds is required with all offers. Earnest Money Deposit (EMD) is due within 48 hours of an accepted offer. All closings are facilitated through a licensed title company or closing attorney.
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