The Kirkwood Apartments – INCOME PROPERTY ORGANIZATION

The Kirkwood Apartments

The Kirkwood Apartments

SOLD: $1,645,000

1400 Seward Ave., Detroit, MI 48206
Property Type: Multifamily
Number of Units: 26
Price Per Unit: $63,269
Average Square Feet: 777
Cap Rate: 6.61%
Gross Rent Multiplier: 8.16
Expense to Income Ratio: 46.05%
Debt Service Coverage: 1.41
Cash Flow: $32,291
Year One ROI: 7.64%

Listing Agent: Jason Gardner

Location

EXECUTIVE SUMMARY:

The Kirkwood is a 3-story, low-rise apartment building located in The Midtown area, off Seward St. just west of John C Lodge Freeway, and just north of W. Grand Blvd in Detroit, Michigan. The Kirkwood consists of 19 two-bed/one-bath units (750 sq.ft.), and 7 three-bed/one-bath units (850 sq. ft.) totaling 26 units. The Kirkwood was built in 1916 and most recently renovated in 1986. All units have their own tenant paid gas air-forced furnaces and hot water tanks. This property offers itself to an incredible Midtown location that is just blocks North of the Henry Ford Hospital, and a very short distance to the Fisher Building and Wayne State University Campus.

MEET OUR TEAM

Founder | Managing Member, Michigan | Sales Associate, Kentucky

Associate Broker, Michigan | Broker, Illinois

A.J. Beachum, J.D.

Associate Broker, Michigan | Broker, Ohio

Associate Broker, Michigan | Managing Broker, Indiana

Sales Associate, Michigan, Ohio, & Kentucky

Sales Associate, Michigan

Paul McHugh, J.D.

Managing Broker, Kentucky | Associate Broker, Ohio | Sales Associate Michigan

Associate Broker, Michigan | Executive Assistant

Broker, Indiana | Sales Associate, Michigan & Ohio

Sales Associate, Michigan & Ohio