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Value Add 9 Unit Apartment Building in W. Detroit!



$319,900

SOLD

16005 Schoolcraft Rd

Detroit, MI

  • This property is a no brainer! HUGE ROI Potential!
  • Currently this property has 5 units rented for $500 and $550 per unit. The 4 vacant units should be immediately rented for $800 per unit.
  • Once all units are rented and rents are increased to market value $800 per month per unit, this property has the potential to operating at well over a 15% CAP Rate!
  • All units are 1/1's and on separate electrical meters.
  • Tenants pay all utilities except for water and hot water. Ideally, each unit can be submetered for water.
  • Great curb appeal with brick and indoor corridors.
  • Please see attached proforma below:

Documents

 
Proforma


  • Sale Comps $640K - $720K
  • Rental Comps $6,400 - $7,200
  • Property Type Residential
  • Location Detroit, MI 48227
  • Size 4658 sq. ft.
  • Bedrooms 9
  • Bathrooms 9
  • TAV 0K
  • Annual Taxes $2,690
  • Year Built 1967

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