Residential/ commercial investment, 4 Apartment 100% leased , Two of them 1 BR and Two 3 BR. and two retail store leased for total of $1950 Gross Lease. See my website for full info.
Buy one for $59,900 or all for $287,000. Immediate occupancy, month to month leases on all. Seller will look at all offers. Land contracts available.
6,363 SF 2 story brick structure. Building can be converted to office space, student or senior housing. Walking distance to Oakland University, and retail stores in Mt. Clemens. Occupants would have easy access to the Smart Bus Line.
** 24 Multifamily / Condominium 100% occupied. Ranch . Built in 1979 New windows and gutters New paved parking Each unite has separate utilities and tax Id. Also ** 4800 sq. ft .4 Retail Commercial Retail 75% occupied. ** 4 stores 1200 sq ft each
Sterling Heights Condo Conversion will be completed early May 2014. All occupants on a month to month lease and pay from $450 - $650 and these are under market rents. Current market rents for 2 bedrooms in the area is $800 and this is a very tight market. No rents of condo units .25 miles out for the past year. Cap rate listed assumes full occupancy at $700 per month (conservative). All 12 units being sold in one lot. 2 Buildings with 6 units each. Covered and open parking and a separate locked room for laundry or vending, currently used for storage. No basement.
The property consists of a single two story brick building that sits at the edge of a mature community in St. Clair Shores. The lot is desirable and well-kept and there' s ample parking for tenants lining the side and the back of the building. Tenants have a carport and additional parking spaces are available for their guests or second car. The seller has taken great pride in the property from day one, placing a tremendous amount of time and money into making the property attractive to the tenants who make their home here. The complex features all one bedroom units with each tenant having an estimated 600 square feet. At this time, the 8 one bedroom units are renting for $580. As for the utilities, the building is outfitted with hot water/baseboard heat that is landlord paid. The water is landlord-paid, but the electricity is individually metered and tenant paid. As of May 1st the building is sitting near 90% occupancy.
PROFITABLE MULTI-FAMILY INVESTMENT IN GREAT LOCATION!! 3 DUPLEXES & 1 STAND ALONE. EACH PROPERTY HAS BEEN SPLIT & HAS ITS OWN TAX ID# (TOTAL 7 SEPERATE UNITS). POSSIBLE TO SPLIT AND SELL OFF INDIVIDUAL UNITS IF DESIRED! 100% LEASED! ALSO INCLUDED IN SALE IS ADJOINING B-3 (GENERAL BUSINESS) 0.56 ACRE LOT W/PLANS TO BUILD 12 UNIT 3 STORY CONDO BUILDING. ALL PROPERTIES COME W/DOCUMENTATION EXCLUDING THEM FROM BEING LOCATED IN A FLOOD ZONE. NO FLOOD INSURANCE REQUIRED! PRICED AS A BULK SALE! B/BA TO VERIFY ALL INFORMATION.
66 Units, 18 Townhomes, 24 two bedroom garden apartments, and 24 one bedroom garden apartments. This complex sits on over 2 1/2 acres, new, new carpet and paint in hallways, basements have been painted. CEMENT driveway (over 40,000 sq. ft.), separate gas, and electric. Every unit has air conditioning, optional carport. Laundry in the basement of the garden apartment buildings. This complex is located next to Kelly Middle School.
Size Upon Req.$6,400,000
Terrific opportunity to acquire a Class B asset with an in-fill location that is well positioned to continue producing strong, stable performance as tenant demand continues to increase for low cost, all age manufactured home community living. Offering also includes a total of 88 inventory homes being offered in addiiton to the community at an NADA value of $1,296,819. Public water and sewer provided to the community with all utility lines underground. Property should qualify for attractive, non-recourse property loan at historically low interest rates. Upside potential for buyer to fill vacant sites, increase rents over time and implement a home financing program.
Nearest MSA: Detroit-Warren-Livonia County: Macomb Tax ID Number/APN: 0733433006 Property Use Type: Net Leased Investment (NNN), Investment Zoning: Residential Percent Occupied: 100% Laundry: Laundromat Nearby Market Type: Large Side of Street: West Road Type: Paved Total Number of Buildings: 1 Building Age: VintageProperty Condition: Good Number of Stories: 2 Year Built: 1880FinancialsFinance Data Year:2011Assessed Value - Total($):$110,727Net Operating Income:$15,846Gross Operating Income:$24,960Actual or Proforma Year:ActualNet Operating Income:$15,846Finance Data Year:2010Assessed Value - Total($):$110,727Net Operating Income:$15,846Gross Operating Income:$24,960Actual or Proforma Year:ActualNet Operating Income:$15,846Finance Data Year:2009Real Estate Taxes - Annual($):$5,893.26 Home is currently being used as multifamily, easy conversion back to single family. Beautiful Victorian home, may be used as income or converted to a single family residence again, many recent upgrades which include a second story deck to enhance rental unit and comply with city code, new windows thru out, new roof and two new furnaces!. HU