Buy&Hold (Multifamily): 63 Units + The Bridge Apartments, Detroit, MI 48215 + Available
Updated: Nov 21
Multifamily Investment Opportunity
Price
$4,599,000
Off-Market Listing: The Bridge Apartments - Rare Opportunity in Detroit's Opportunity Zone
Property Overview:
Name: The Bridge Apartments
Location: 1020-1060 Alter Road, Detroit, MI 48215
Asking Price: $4,599,000
Property Type: Multifamily
No. of Units: 63
Lot Size: 0.68 AC
Building Size: 32,230 SF
Year Built: 1926
Building Class: C
Occupancy: 96.8%
Apartment Style: Garden
No. of Stories: 2
Gross Rental Income: $532,764
Net Operating Income: $284,542
Investment Highlights:
Opportunity Zone: Strategically located in an Opportunity Zone on the border of Grosse Pointe Park, offering potential tax benefits for savvy investors.
Prime Location: Proximity to family-friendly destinations, schools, churches, and retail properties.
Cultural Hub: Adjacent to a new $45 million performing and visual arts facility, enhancing the cultural appeal of the area.
Strategic Distance: 7 miles from Downtown Detroit, 4 miles from the MacArthur Bridge to Belle Isle, and 2 miles from Stellantis’ Jefferson North Assembly Plant.
Historic Charm: A historic multi-family asset with timeless appeal, reflecting the architectural charm of its 1926 construction.
Property Features:
Unit Amenities: Air Conditioning, Heating, Kitchen with Refrigerator and Range, Tub/Shower
Site Amenities: Laundry Service, Bicycle Storage
Transportation:
Transit Options: Multiple Detroit People Mover stops within a 15-17 minute drive, connecting to key locations including the Renaissance Center, Bricktown, Greektown, Millender Center, and Cadillac Center.
Airports: Detroit City Airport - 16 min drive (6.6 mi), Detroit Metropolitan Airport - 45 min drive (29.7 mi)
Financial Overview:
Detailed Profit and Loss statement through October 2023 and budgeted figures for November and December available in the provided Excel file.
Offering Memorandum includes comprehensive details on financial incentives, market highlights, floor plans, and more.
Financials: https://drive.google.com/drive/folders/1n5Emrpv5umgeivgMemdhghE0fHeAtCqa
Property Taxes and Zoning:
Parcel Number: 21-062702
Improvements Assessment: $0
Land Assessment: $0
Total Assessment: $605,000
Zoning: B4 (General Business District) - Ideal for multifamily investments.
Contact:
All offers and inquiries can be directed to sarter@promiselandrealtyllc.com.
This off-market listing presents a unique opportunity for multifamily buyers interested in Detroit investments. Act now to explore the potential of The Bridge Apartments and make a lasting investment in Detroit's thriving real estate market.
Financials
Rent Rolls
BRIDGE APARTMENTS - LENDER PACKAGE 10.19.23
.xlsx
Download XLSX • 69KB
Operating Memorandum
The Bridge Apartments OM (1)
.pdf
Download PDF • 6.17MB
Opportunity Zone
Market Area
"YOUR #1 SOURCE FOR OFF MARKET INVESTMENT PROPERTIES"
PROMISE LAND REALTY, LLC
Work: 864-762-2509
sarter@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*