$800000

10411 Cadieux Detroit MI 48224
  • Units: 131
  • Cap Rate: 12.79 Percent
  • Price Paying: 9.62 sqft
  • Price Per Unit: $6107
  • Property Type: Multi Family
  • Gross Rent Multiplier: 1.24
  • Year Built: 1959
  • Monthly Income Per Unit: $411.43
  • Expense to Income Ratio: 84.17 Percent
  • Average Square Feet: 634.73
  • Debt Service Coverage: 2.16
  • Cash Flow: 54859
  • ROI Year One: 22.86
  • Listing Agent: -
  • Property Features: Income Property Organization is pleased to present the exclusive marketing of the Cadieux & Morang Portfolio, which consists of 131 units, in eight buildings, and is located in Detroit, Michigan. The properties are situated on the east side of Detroit, just off of I-94, just East of Gratiot Avenue. St. John Hospital and Medical Center is only 1½ miles from the complex. This 800-bed hospital is best known for excellence in cardiology, oncology, neurosciences, minimally invasive and robotic surgery, women’s services, pediatrics, and medical education. Additionally, the property is very close to the central business district which has an abundance of entertainment, shopping & dinning venues. As for the properties themselves, the Cadieux & Morang Portfolio consists of six Garden & two California-style buildings, consisting of studio, one-bedroom, and two-bedroom units, with ample square footage in each. Two of the buildings are outfitted with tenant-paid gas-forced air heat and the remainder are serviced by landlord-paid hot-water baseboard heat. The electricity is individually metered on all buildings and water is master metered making it the landlord’s responsibility. The Cadieux & Morang Portfolio represents a turnaround opportunity at below market pricing. These properties are poised for substantial growth by the implementation of managerial efficiencies not currently in place as well as the potential for future rental gains through unit upgrades & strategic capital improvements. The economic reward will be significant for opportunistic investors with sufficient capital to acquire an asset such as the Cadieux & Morang Portfolio in this once-in-a-lifetime buyers’ market. Once you have had a chance to review the included information please call to set up a confidential showing before this aggressively priced opportunity is gone.
  • Interior Features: -
  • Exterior Features: -

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  • About Us

    Income Property Organization offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property.
  • Contact Us

    Income Property Organization
    6421 Inkster Rd., Suite 200
    Bloomfield Hills, MI 48301
    Telephone (248) 932-0300
    Fax (248) 932-0301