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44 Unit Residential Portfolio Metro Detroit

East 8 Mile Road and Gratiot Ave, Detroit, MI 48021

  • For Sale $2,401,000
  • Property Type Multi-Family
  • Property Size 38,160 Sqft
  • Property Tenancy Multi-Tenant
  • Year Built 1943
  • Year Renovated 2017
  • Date Updated Jul 26, 2021
The city is a major port on the Detroit River and the Detroit Metropolitan Airport is among the most important hubs in the United States. The City of Detroit anchors the second-largest economic region in the Midwest, behind Chicago, and the thirteenth-largest in the United States. Several major companies are based in the city including three Fortune 500 companies. The most heavily representative sectors are automotive manufacturing, finance, technology, and health care. Major companies in the city include General Motors, Quicken Loans, Ally Financial and Little Caesars. In the 2010s, several initiatives were taken by Detroit’s citizens and new inhabitants to improve the cityscape by renovating and revitalizing neighborhoods. Downtown Detroit has held an increased role as a cultural destination in the 21st century, with the restoration of several historic theatres and entertainment venues, high-rise renovations, new sports stadiums and a riverfront revitalization project.
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Location

  • City Detroit, MI
  • Neighborhood Eastpointe
  • Zip Code 48021
  • Market Detroit

Contacts

Lorrie Garbarz

NNN Investment Advisors

(248) 943-3331

Highlights

  • Portfolio is offered at a 10.4% Cap Rate and a 15.7% Current Gross Yield.
  • Average Rent of $715/Month at $.89/SF
  • Offered at $55k/Home - $62.92/SF Below Replacement Cost and a significant discount to market values.
  • Rental rates throughout the portfolio are 17% below market rates.

Frequently Asked Questions

What is the total square footage of 44 Unit Residential Portfolio Metro Detroit?

44 Unit Residential Portfolio Metro Detroit totals 38,160 square feet.

When was this property built?

44 Unit Residential Portfolio Metro Detroit was built in 1943.

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Contact Listing Broker

Lorrie Garbarz

NNN Investment Advisors

(248) 943-3331

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