Contacts
Simon Jonna
Colliers Birmingham (MI) - Jonna Group
Property Details
- Property Type Multi-Family
- Property Size 9,195 SF
- Units 9
- Additional Rent Contact for pricing
- Property Tenancy Multi-Tenant
- Year Built 1916
- Year Renovated 2020
- Date Updated Oct 17, 2024
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Highlights
- Prime Urban Location: The property is situated in Detroit's thriving midtown area, surrounded by major landmarks like Wayne State University, the Detroit Medical Center, and Henry Ford Hospital, offering high demand for rental units in this region.
- Renovated Historic Building: Originally built in 1916, the property underwent significant renovations in 2020. The nine-unit building offers a variety of floorplans, appealing to a broad range of tenants, from young professionals to families.
- Strong Occupancy: The building enjoys a 92% occupancy rate, demonstrating its appeal and consistent tenant demand in the Detroit rental market.
- High Rental Potential: The property has a mix of market-rate apartments with rents ranging from $925 to $1,850, with a total gross rental potential of $135,240 annually.
- Favorable Cap Rate: With a 7% cap rate and a pro forma NOI of $90,932, the property provides a competitive return on investment for buyers.
- Growing Neighborhood: The 5-mile radius surrounding the property boasts a population of over 329,000 people, with continued growth and economic development expected in the Midtown Detroit area.
Getting around
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60/100
Walk Score ®
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52/100
Transit Score ®
-
71/100
Bike Score ®
Location
- City Detroit, MI
- Neighborhood Rosa Parks
- Zip Code 48202
- Market Detroit
Points of Interest
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Grand Boulevard
0.74 miles
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Baltimore Street
0.83 miles
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Detroit
0.84 miles
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Amsterdam Street
0.97 miles
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Ferry Street
1.29 miles
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Warren Avenue
1.54 miles
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Canfield Street
1.91 miles
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Mack Avenue
2.30 miles
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Martin Luther King Junior Boulevard
2.32 miles
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Checker Cab #977
2.32 miles
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Citgo
0.60 miles
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Mobil
0.73 miles
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Detroit Pistons Performance Center
0.80 miles
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Marathon
0.81 miles
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Valero
1.04 miles
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BP
1.06 miles
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Sunoco
1.06 miles
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Wayne State University - Parking Structure #5
1.22 miles
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Wayne State University - Lot #50
1.43 miles
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Wayne State University - Parking Structure #6
1.52 miles
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HFHS Staff Garge
0.24 miles
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HFHS Employee Parking
0.27 miles
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HFHS Patient Employee Garage
0.30 miles
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HFHS Guest Parking
0.31 miles
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F Lot
0.41 miles
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HAP Lot C
0.47 miles
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Brigitte Harris Cancer Pavilion Garage
0.51 miles
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HAP Lot A
0.51 miles
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New Center Place Garage
0.52 miles
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Fisher Building Garage
0.55 miles
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Hotel St. Regis
0.68 miles
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Paris Hotel
1.06 miles
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Rio Grand Motel
1.18 miles
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Pinkinn Motel
1.21 miles
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Town Motel
1.31 miles
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The Inn on Ferry Street
1.36 miles
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El Moore
1.96 miles
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Veteran's Park Hotel
2.17 miles
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King's Arms Hotel
2.25 miles
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Hamtramck Hotel & Hostel
2.40 miles
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Family Foods Superstore
0.51 miles
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Detroit People's Food Co-op
0.64 miles
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King Cole Foods
0.78 miles
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University Foods
1.51 miles
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Save-A-Lot
1.60 miles
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Food Pride Super Market
1.78 miles
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Food Farm Super Market
1.85 miles
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King Saver Foods
2.27 miles
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Whole Foods Market
2.28 miles
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Fresh Valley Market
2.46 miles
In-Depth Research Available for this Property
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.
Contact Listing Broker
Simon Jonna
Colliers Birmingham (MI) - Jonna Group