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Presidential Plaza Apartments 16810-16854 Lahser Rd 48 Unit Apartment Building $4,945,392 CAD ($103,029 CAD/Unit) 11.89% Cap Rate Detroit, MI 48219
Investment Highlights
- 48 Unit Apartment Complex - 36 Units Currently Occupied.
- NEW Current Market Rent of $895/mo.
- 47/48 Units Completely Remodeled from 2018-2022.
- Actuals & Projected NOI included - 11.89% Upside Cap at Ask.
- Month- to- Month Tenants Pay $920/mo
- Full Firestone Roof Replacement in 2014 (25 Yr Warranty).
Executive Summary
Newly renovated 48 unit apartment complex in northwest Detroit. Great potential for a motivated Buyer to push to a 10%+ cap rate. 3 layer keypad security - gate, building and room. Loan assumption available as an option. Many amenities in the surrounding area (Meijer, banks, restaurants, etc.)
Property Facts
| Price | $4,945,392 CAD | Building Class | C |
| Price Per Unit | $103,029 CAD | Lot Size | 0.90 AC |
| Sale Type | Investment | Building Size | 39,148 SF |
| Cap Rate | 11.89% | Average Occupancy | 100% |
| No. Units | 48 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 1.48/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | multifamily | ||
| Price | $4,945,392 CAD |
| Price Per Unit | $103,029 CAD |
| Sale Type | Investment |
| Cap Rate | 11.89% |
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.90 AC |
| Building Size | 39,148 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 1.48/1,000 SF |
| Zoning | multifamily |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Washer/Dryer
- Heating
- Kitchen
- Oven
- Tub/Shower
Site Amenities
- Controlled Access
- Laundry Facilities
- Security System
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 48 | - | 670 |
1 1
Fairly walkable
50/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 CAD | |
| Land Assessment | $0 CAD | Total Assessment | $1,280,843 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,280,843 CAD
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Presidential Plaza Apartments | 16810-16854 Lahser Rd
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