This is a 17 Unit apartment building in Redford MI. This is a value add property that needs CapX and increased rents. This has a mix of a 6 unit, cottages and duplexes on the property.
Due To The Condition Of The Property Cash Purchase or Hard Money ONLY. If you need a contact for hard money financing, please let us know we have a lender we can recommend.
-17 Units, 9 occupied, 8 vacant
-4 1 bed/1 bath, 13 studios
-1 building with 6 units, 3 single family, 1 unit cottages and 4 duplexes
-1/2 acre lot
-6,800 SQ Large parking lot paved thats is in good condition
-Owner pays all utilities, trash and lawn
Heating: Single gas furnace in 6-unit apartment building and gas wall furnace in other units.
Cooling: Air conditioner in the main building, tenant optional window units in others.
Current rents range from $500 - $700 a month. The previous owner hasn't kept up with the property or increased rents in years. According to rent-o-meter the studios should rent from $790/month and the 1 bedroom should rent for $885/month.
Potential Rents With Rennovations
Studios - $790/month (Rent-0-meter) X 13 = $10,270
1 Bedrooms X $885/month (Rent-0-meter) X 4 = $3,540
$13,810 Potential Gross rents
- 5 Units in need of major repairs/updates
- 1 duplex needs a roof
- Areas of siding, deck and gutter repairs needed on all buildings
We are looking for experienced multi-family investors for this property. This project isn't for newbies.