Wyoming Street

Global Real Estate Advisors are pleased to present the exclusive offering of 9901 Wyoming, a stabilized, 17-unit multifamily property in Detroit. This turn-key investment property was built in 1960 and since has been renovated over the past few years, including a new boiler system, new hot water tank, updated plumbing and heating lines, a new laundry and storage room. More than 70% of the units have been upgraded as well. The property consists of fifteen one-bedroom units and two studio units, with each unit including a refrigerator, stove, A/C unit, and a balcony or patio. As of the end of January 2024, the property has only two vacancy, with an average rent of about $795. The deal comes with substantial rental upside, as just about half of the tenants are well-below market rents. There is also operational income potential by implementing a utility reimbursement program. 

Detroit Market Outlook

• Demand: Demand for apartments in Detroit increased to a three-year high. 
• New construction: New construction slowed down, which reduced supply-side pressures. 
• Absorption: New apartment construction was absorbed in the suburbs, but it was more difficult to absorb in the city. 
• Operating expenses: Operating expenses at many buildings increased, including labor and insurance costs. 

Rent Growth Outlook

• Rent growth is expected to continue to improve over the next 12–18 months. 
• Rent growth is expected to accelerate, surpassing 5% by mid-2025. 
• The gap between new supply and demand narrowed to its smallest point since early 2021, suggesting market stabilization in 2025.