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.
Location Corner: SWProperty Description: Multi Family - 40 Units NAI Farbman is pleased to present the Lakeside (aka BJR Lakeshore) Apartments presents an opportunity to purchase an all-brick apartment property with current cash flow and upside potential in one of the most desirable suburbs in the Detroit Metro region, St. Clair Shores. The property is comprised of forty (40) units spread across three (3) neighboring buildings. The south-most building (facing Martin) is comprised of eight (8) studio units, the largest building is comprised of twenty-four (24) one-bedroom units with exterior cooridors, and the north-most building is comprised of four (4) one-bed and four (4) two-bed units above a full, well maintained basement with laundry machines. The property will get high marks for curb appeal from potential tenants. The addresses include 28721-28727 Jefferson and 22715 Martin. The location and condition of the Lakeshore Apartments present a unique opportunity for the value-add investor looking for a soft turnaround in which much of the hard work has already been done.The subject property is conveniently located on Jefferson Avenue, across the street from Lake