Apartment for sale in Detroit, Lake Erie, Michigan, USA
Asking: $ 3,150,000
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This is a fantastic opportunity to acquire a quality apartment complex in a popular town in Michigan which is offered for sale in very good condition and benefits from 97% occupancy.
The blocks comprise 4 studio apartments averaging 400 sq.ft let at $450 per month, 77 one bedroom apartments averaging 600 sq.ft let at $625 per month and 39 two bedroom apartments averaging 750 sq. ft. let at $750 per month.
SALES PRICE: $3,150,000
CLOSING COSTS: $25,000
1% AGENCY FEE: 31,500
TOTAL CAPITAL REQUIRED: $3,206,500
GROSS RENTAL INCOME: $950,100
VENDING MACHINE: $780
PARKING, KET AND PET FEES: $16,400
LESS: 5% VACANCY $47,505
EFFECTIVE OPERATING INCOME: $873,920
10% PROPERTY MANAGEMEN...
9 bed Apartment for sale in Detroit, Lake Erie, Michigan, USA
Asking: $ 185,000
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9351 - 9361 Woodside, Detroit, MI 48204 is a quality block of 9 apartments which has recently been refurbished to a high standard. 8 of the 9 apartments are already occupied and new tenants are lined up to move in shortly and prior to the closing of the sale.
The property totals 5,100 square feet and comprises 9 one bedroom apartments. It is located in a sought after area which enjoys a high ongoing rental demand.
This is a great value block which is priced to sell now so please contact us as soon as possible if you would like further information and are genuinely interested.
Unlike many of our competitors, we take into account all closing and ongoing costs to give you a genuine net yield!
Purchase Price: $185,000 (closing costs included)
Agency Fee: $5,000
TOTAL OUTLAY: $190,000
RENTAL INCOME: $50,820
This is a rare opportunity to acquire an investment with a difference. Rather than your normal portfolio or apartment block opportunity this property is a mixed commercial/residential deal which generates a good and pretty much assured income for the owner. It is located on the popular St Clair Superior district close to many amenities.
Hodge School is a former elementary school, a turn-of-the-century brick building with wide, tall halls and many wide-open rectangular rooms still with the original blackboards and children?s coat closets. The building is currently being used as an artist live-work space. But it is not just the building that is conducive to art; an artists? community is thriving there.
There are 38 live/work units in total and the figures below are based on 84% occupancy which the property has achieved in recent years. The present owner has ju...