Listed by The Jonna Group at Colliers International
$4,250,000
Former Radisson Hotel Redevelopment
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 130,220
Units 100
Pro-Forma NOI $829,409
Year Built 1986
Year Renovated 2023
Acreage 4.950
Investment Type Value Add
Sale Condition N/A
100+ Multifamily Redevelopment | Prime Location | Value-Add Opportunity
Investment highlights
- Attractive Basis via Adaptive Reuse: Hotel-to-multifamily conversion offers pricing well below replacement cost, reduced development risk, and strong downside protection.
- Efficient 85-Unit Scale: Institutional-friendly size supports operational efficiencies while maintaining broad exit liquidity.
- Established Suburban Corridor Location: Positioned along W 12 Mile Rd with strong access to employment centers, retail, and regional transportation.
- Modernized Product with Competitive Floorplans: Conversion delivers larger unit layouts and updated systems that outperform older Class B assets without Class A pricing.
- Workforce Housing Demand with Limited New Supply: Serves a deep renter pool in a submarket constrained by rising construction costs and limited new development.
- Operational and Revenue Upside: Opportunity to enhance NOI through professional management, expense optimization, and ancillary income initiatives.
- Flexible Exit Opportunities: Appealing to value-add investors, with potential exit to regional operators or institutional buyers.
Listing Contacts
Listed by The Jonna Group at Colliers International
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