Price Range: From to

Compare Listings

Condo Conversion Development Opportunity – Mt Clemens

10 Gibbs St, Mt Clemens, MI 48043, USA
$400,000

Description

11 unit apartment building is three storeys high. It currently consists of 9 x 1 bed / 1 bath and 2 x 2 bed units. Subject property is close to downtown Mt Clemens. This will be a development opportunity to convert the building into 6 x 2 bed luxury condominiums. The building will require full rehabilitation after fire damage, building upgrades and improvements to make it into an upscale development. This investment represents an excellent opportunity to reposition an apartment building and sell the units as individual units in a strategic location.

Proposed Unit Mix

No of Units Bed Bath Sq Ft (Approx) Rent PCM

as Loft Apartments

Sales Price as

Loft Condos

6 2 2 950 $850 $85,000
Total Units       $6,800 $510,000

 

The Location

Mount Clemens is approximately 20 miles northeast of Downtown Detroit. It is the County Seat of Macomb County. The area is also home to Selfridges Military Airbase and a few minutes to the waterfront of Lake Michigan.  In addition to several county buildings and services, Mount Clemens is home to numerous restaurants and shops which are situated in a historic downtown. The property is located within walking distance of the downtown and the riverfront. This neighbourhood is popular with renters as it is accessible with ample transport links.

Local Authority: City of Mt Clemens, Macomb County, Michigan

  • Address: 10 Gibbs St, Mt Clemens, MI 48043, USA
  • City: Detroit Metro
  • State/county: Michigan
  • Zip/Postal Code: 48043
  • Country: United States

Detail

Updated on September 28, 2018 at 10:07 am

  • Price: $400,000
  • Property Size: 10200 sqft
  • Property Type: Rehab Homes for Sale
  • Property Status: Sold

Contact info

SovInvest
SovInvest
(313) 915 4673(313) 915 4673

Enquire about this property