14 unit multifamily in DETROIT - $305k
I'm selling my 14 unit multifamily apartment building in Detroit (Grand River / North West) due to my move to Germany last year. From overseas I can't take care of it as much as I would like to.
The building has been updated extensively, only 2 units are left that need some bigger repairs (new kichen cabinets & tiles). The basement needs some touch ups but overall its quite solid.
The area is starting to develop with the first major Meijer Superstore just a 1/4 mile away from the building.
Its a good mix between 1br and 2 br units that get between $450 and $600 per month. Electricity is paid by tenants. Heating is done via central boiler.
Currently about half of the building is occupied, the annual proforma income is $84.000.
Price is $305.000
See below the listing and the recent announcement by Detroits mayor to invest in certain neighborhoods, including the one this building is in.