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INVESTOR SPECIAL! 20 Unit Apartment Building – Proforma Gross Rental $126k

18230 Weaver St, Detroit, MI 48228, USA
$350,000

Description

INVESTOR SPECIAL! This is the only building of its kind. Fully renovated in 2015, fully occupied until Jan 2018 when building changed management and evicted tenants. Units have individual furnaces and electric water heater and all utilities metered off to tenant.
Landlord only pays for water.

Building sold As-Is’ and currently vacant since Jan 2018. Owner has relocated out of state and is selling his Michigan property portfolio. This building is a bonafide cash cow!! Attached is a video of property from 2016.

BACKGROUND: The basement was flooded because of a storm water backup issue, which damaged the basement units. As the flood was not addressed swiftly by the management company at the time this led to sustained damage. This led the removing the the remaining tenants so the owner could rehab the building, however the owner decided against pursuing the project and wishes to sell as-is. The owner has fixed the issue with the city of Detroit and it is now fully resolved.

This 20 unit apartment building consisting of 20 x 1 bed / 1 bath. 12 units are vacant need some minor update and 8 studio units need rehab. The building consists of 3 storeys. First and second storeys have 12 units a further 8 units need full rehab and all located on the lower floor. The building is located off Southfield Fwy in the Franklin Park neighbourhood in North West Detroit.

General Features

  • Wayne County
  • Detroit City
  • Subdivision EMERSON PARK (PLATS)
  • Commercial Type Apartments, Commercial
  • Business Type Residential
  • Current Use Multi-family income property
  • Lot Size Area 0.53
  • Zoning Commercial
  • Ownership Status Private Owned, Short Sale – No
  • Year Built 1969
  • Year Remodeled 2015
  • Sqft Total 11,520
  • Number Of Units Total 17
  • Net Operating Income $101,700
  • Gross Scheduled Income $112,200
  • Tax Amount – Summer $1,900
  • Tax Amount – Winter $230

Building Features

  • Foundation Details Basement
  • Construction Materials Brick
  • Sqft Office 675
  • Heating Fuel Electric
  • Unit One Bed Number Of 17
  • Water Heater Fuel Electric

Property Features

  • Road Frontage Type Paved, Pub. Sidewalk
  • Frontage Feet 100
  • Distance To Airport 18
  • Distance To Interstate 1
  • Lot Size Dimensions 200 X 600
  • Water Source Municipal Water
  • Sewer Sewer at Street, Sewer-Sanitary

Schools

  • School District Detroit
  • Address: 18230 Weaver St, Detroit, MI 48228, USA
  • City: Detroit Metro
  • State/county: Michigan
  • Zip/Postal Code: 48228
  • Neighborhood: Franklin Park
  • Country: United States

Detail

Updated on September 28, 2018 at 9:10 am

  • Price: $350,000
  • Property Type: Apartment Buildings for Sale
  • Property Status: For Sale

Contact info

EHG Group
EHG Group
(800) 822 1724(248) 825 6590

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