$ 4400000

New Center Portfolio
  • Units: 89
  • Cap Rate: -
  • Price Paying: -
  • Price Per Unit: -
  • Property Type: Multi Family
  • Gross Rent Multiplier: -
  • Year Built: 1926 & 1927
  • Monthly Income Per Unit: -
  • Expense to Income Ratio: 52.10 Percent
  • Average Square Feet: -
  • Debt Service Coverage: 1.35
  • Cash Flow: 77,193
  • ROI Year One: -
  • Listing Agent: Greg Coulter & JT Teringo
  • Property Features: Income Property Organization is pleased to present the exclusive marketing of the New Center Portfolio (“Portfolio”), which consists of two apartment communities and one single-family home totaling 89 units in the New Center district of Detroit—the site of various current development projects, such as the Penske Tech Center, the Henry Ford Hospital expansion and the St. Regis loft conversion. The Portfolio is a rare and exciting value-add opportunity, entailing minimal infrastructure risk and a chance to be part of the remarkable renaissance of the City of Detroit. The assets are being presented on a portfolio basis, but the ownership will consider all proposals. The offering is unpriced and will be determined by market with group tours will take place May 31st and June 14th at 12 P.M. followed by a bid deadline of 5:00 pm, June 15th, 2017.

    The Portfolio consists of 80 Seward Apartments, a 47-unit apartment community, and Hazelwood Manor Apartments, a 41-unit apartment community, along with one, four-bedroom single-family home. The properties are within short walking distance of the M-1 Rail Line and less than a half mile from one another. They are each poised for explosive growth as the New Center area continues to experience an influx of development dollars. The portfolio is approximately 98% occupied and will provide cash flow from the onset, this offering provides an investor the opportunity to acquire nearly 90 units in the New Center area of Detroit at below market rental rates. These all-brick edifices are fine examples of the charm and grandeur of the architecture of yesteryear. Hazelwood Manor has seen substantial capital improvements in the past few years, including installation of new windows, exterior doors and locksets. Additionally, ownership has installed new front fencing and gates, replaced nearly 75% of the appliances, installed state-of-the-art security cameras, tuck-pointed the brick/limestone and the property has a newer roof and gutters. Lastly, the boiler has been replaced in the past several years, and more than half of the units have been rehabbed. As for 80 Seward, the building is located in the the center of activity on the street. It is located across the street from the former Seward Hotel (now called Wellington Place), millions of dollars are currently being spent to renovate that property, along with four other complexes in the area.
  • Interior Features: -
  • Exterior Features: -

Map – 709 Hazelwood Street, Detroit, MI 48202

Map – 80 Seward Avenue, Detroit, MI 48202

Confidentiality Agreement

Location


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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