Detroit Residential Investment Opportunity

Multi-Family for Sale
Catylist Listing ID: 30656797
Number of Units: 46 Units
Building Size (RSF): 45,723 SF
Gross Building Area: See Agent
Sale Price: $2,265,000
Unit Price: $49,239.13 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 4/26/2021

Overview / Comments

• This Single-Family Residential portfolio consists of 46 properties, with 47 lease contracts

• Stabilized portfolio; 100% occupied

• 12% cap rate on 2021 projected income.

• Fourteen 2-bedroom homes; Thirty-one 3-bedroom homes, and Two >=4-bedroom homes ​30 brick and 16 aluminum-sided exteriors

• Three of the properties have been occupied with original Section 8 Tenants in place since the 2015 acquisition; the balance of the portfolio is occupied by long-term Tenants

• All lease rates are below market; Rental rates have not increased since acquisition

• Above-market management fee of 16.6% is included in pro-forma; opportunity to maintain management fee or increase investor profitability​

• Excellent opportunity for in-state portfolio manager/owner or investor​

• Approximately $600,000 in capital improvements made since 2015 acquisition 

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Wayne
Submarket/Township: Detroit E of Woodward
Tax ID/APN: 13008112-9

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,117 173,340 488,068
Median Age: 33.37 32.98 35.34
Households: 5,606 60,237 185,768
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