Evanterra Commercial Real Estate
Listed by Evanterra Commercial Real Estate, Thomas Duke Company
$3,600,000
Presidential Plaza Apartments
Details
APN 22-11335-961
Property Type Multifamily
Sub Type Apartment Building
Units 48
Cap Rate 10.00%
NOI $427,910
Class B
Year Built 1963
Stories 2
Zoning R-1
Parking Spaces 58 spaces
Multifamily | 48 Units | $70,000/unit
Marketing description
Newly Renovated 48 Unit Apartment Complex in Northwest Detroit. Great Potential for a Motivated Buyer to Push to a 10%+ Cap Rate. 3 Layer Keypad Security - Gate, Building and Room. Loan Assumption Available as an Option. Many Amenities in the Surrounding Area (Meijer, Banks, Restaurants, Etc.)
Investment highlights
- 48 Unit Apartment Complex - 36 Units Currently Occupied.
- Actuals & Projected Noi Included - 11.89% Upside Cap at Ask.
- New Current Market Rent of $895/mo.
- Month- to- Month Tenants Pay $920/mo.
- 47/48 Units Completely Remodeled From 2018-2022.
- Full Firestone Roof Replacement in 2014 (25 Yr Warranty).
Listing Contacts
Evanterra Commercial Real Estate
Listed by Evanterra Commercial Real Estate, Thomas Duke Company
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$427,909.96
$35,659.16/mo
Valuation Metrics
0
DSCR
11.89%
Cap Rate
11.89%
ROI
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