Updated: Nov 21
Multifamily Investment Opportunity
Off-Market Listing: The Bridge Apartments - Rare Opportunity in Detroit's Opportunity Zone
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
Apartment Style: Garden
No. of Stories: 2
Gross Rental Income: $532,764
Net Operating Income: $284,542
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.
Unit Amenities: Air Conditioning, Heating, Kitchen with Refrigerator and Range, Tub/Shower
Site Amenities: Laundry Service, Bicycle Storage
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)
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.
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.
All offers and inquiries can be directed to email@example.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.
"YOUR #1 SOURCE FOR OFF MARKET INVESTMENT PROPERTIES"
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. 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*