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Buy&Hold (Multifamily): 63 Units + The Bridge Apartments, Detroit, MI 48215 + AVAILABLE

Updated: Jan 20

Multifamily Investment Opportunity






Price

$4,299,000


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: $4,299,000

  • 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.



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


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*

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