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Detroit Residential Investment Opportunity - Availability Details

City of Detroit, Detroit, MI 48224

  • For Sale $3,816,000
  • Property Type Multi-Family
  • Property Size 50,000 SF
  • Units 53
  • Date Updated Aug 04, 2022

• Single-Family Residential portfolio comprised of 53 properties​​

• Stabilized portfolio – 98% occupied; proforma assumes 5% vacancy​​

• All properties have Certificates of Compliance (CofC's) - $38,500​ spent on certification inspection fees in 2021​​

• Portfolio comprised of seven (7) 4-bedroom homes, thirty-three (33)​, 3-bedroom homes, thirteen (13) 2-bedroom homes.​​

• 50 market-rate tenants + 3 Section 8 tenants provide stable income.​​

• Professionally-managed and well-maintained portfolio​​

• Proforma 10% third party management fee provides new owner​ opportunity increase investor/owner profitability​ (Fee is included​ in portfolio operating expenses)​​

• Excellent opportunity for local portfolio investor/manager/owner​​

• Approximately $556,500 in repairs, maintenance and improvements​ in 2020-2022​​

• Many units at below market rents

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Location

  • Walk Score ® Car-Dependent (42)
  • Transit Score ® Some Transit (45)
  • Bike Score ® Bikeable (53)
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  • City Detroit, MI
  • Neighborhood Finney
  • Zip Code 48224
  • Market Detroit

Contacts

broker

Rachele Downs

Dominion Real Estate Advisors

(248) 705-8692

broker

Eric D. Banks

Dominion Real Estate Advisors

(248) 399-9999

Contact Detroit Residential Investment Opportunity

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