2 Unit Commercial Retail Storefront! 17%+ CAP!

I have a commercial/mixed-use property for sale for $55,000. Be a part of the Detroit revival with a solid investment that has no capital improvement requirement, and will yield excellent returns! CAP rates that are unheard of these days, even for Detroit, especially considering it is fully occupied with long term tenants! Property is right on one of the busiest streets in Detroit, and just a quarter mile south of the primary road used to navigate between the suburbs and the city. The street has a decent amount of foot traffic, but also an immense amount of car flow traffic. Adjacent to the property is an eyeglass store, as well as a dry cleaners on the other side, both who have been there for decades.

Property Details:
2 unit retail storefronts
Barbershop ($550) & Beauty salon ($550)
$1,100 gross rent per month
Taxes: ~$1,600/yr
Water: ~$1,000/yr
Major updates: Repaired roof in 2016, new electrical within past 5 years, newer furnace (<10 years)

Occupancy: Long term tenants, usually for a few years. Just got in new tenants after 2, and 3 year occupants.

Leases: Typically my commercial leases are 2-3 year leases. All leases became month-to-month after their terms expired over the last couple of years. My commercial tenants are very long term occupants, and are/will be on month-to-month but have no intent to leave and are easily willing to extend to a long term lease. I have not done so because this gives more flexibility to the incoming owner.

Utilities: All are separately metered, so tenants pay gas + electric! Water is the only utility we pay as a landlord!

CAP Rate: 17-18%

Management: I self manage via my cell phone, extremely easy as I travel over 1/3 of the year internationally. But you must have prior real estate experience in like markets, or have a decent property manager. Commercial storefronts are a blessing and is extremely passive, as they do a majority of improvements and repairs themselves since all have been long time tenants. All tenants are up to date. All payments are made directly to my Chase business account, so I never touch cash and no issues. Per the lease only the furnace, major electrical, and roofing issues are addressed by the landlord, so I almost never hear anything from my tenants, they take care of the building well.

Building doesn't need any work now, outside of cosmetic, minor things if you wish to upgrade to demand higher rents. I've done minor repairs, roof patches, new boiler, etc. to some of the units. Roof could be replaced in the next 3-5 years, but it is very small and was previously quoted $3k. Furnace/water tanks, electric, etc. are all solid. All the buildings were previously meticulously cared for with by having an owner occupant for 35 years, and the next owner occupant for 3+ years, prior to my ownership.

I am selling because I am looking to relocate out of Detroit to NYC, and also completely liquidate my real estate portfolio (on top of my Detroit businesses) to raise capital to buy/start a business in the tech space. If you look at my BP posts, these have been my bread and butter, some of my first properties that got me to love real estate and gave me the financial freedom to get into so many other businesses. It's just time for me to move onto focusing on just a single business and scale it, while I relocate to the city and travel more.

PLEASE note the following when responding to this ad:
- If the ad is up, yes, the properties are still available for sale.
- Cash ONLY! No land contracts, please don't ask, the cash flow is too strong for it.
- I will not put this under contract for wholesalers
- I am a licensed RE agent in MI, so I don't need help selling it.
- Commission: I will provide 4% commission to anyone who assists in finding a buyer that closes on the property.
- Please provide your contact details when you respond to the ad! A brief background of your experience would help as well to expedite the process.
- Proof of Funds & an accepted Purchase Agreement needed prior to providing any walk through. Please do NOT initiate any conversation with tenants, only drive by.

EMAIL: [email protected]

Location:

15151 Gratiot Ave, Detroit, AB 48205