12850 Dolphin St - Apartments FOR SALE


Detroit, MI 48223- Brightmoor
$7,600,000 USD
248-415-3012
12850 Dolphin St, Detroit, MI for Sale
$7,600,000 USD
Apartments - FOR SALE
1/20
null | 8.46% Cap Rate

12850 Dolphin St
Detroit, MI 48223
Brightmoor


HIGHLIGHTS

  • Located within close proximity to I-94 and U.S Route 24 (also known as Telegraph).
  • Two of Southeast Michigan's major throughways allowing easy access to major employers.
  • Revitalization of Detroit has included 3 major sports facilities.
  • New entertainment and retail venues are reshaping downtown Detroit.

OVERVIEW

Marcus & Millichap is proud to present the exclusive listing of Dolphin Gardens Apartments, located at 12850 Dolphin St Detroit, MI 48223. This property has a total of 130-units spanning across a total of 18 buildings. Forty-eight of the units are in one large building and are boiler heated. In this building ownership pays for gas as well as water, while tenants pay for electric. The remaining eighty-two units are spread out across the rest of the property and are heated with individual furnaces. The residents in these units pay for gas and electric while ownership pays for the water. The total 130 units consist of 77 one-bedroom one-bathroom units, 52 two-bedroom one-bathroom units, and one office/house. Dolphin Gardens has been recently renovated with updates to 89 out of the total 130 units. These units have been fully renovated with new kitchens, bathrooms, and flooring. In addition, the property owners have also made upgrades to many furnaces, hot water tanks, boilers, common areas, and laundry room.

FOR SALE DETAILS

PRICE

$7,600,000 USD

PRICE/SF

$66 USD /SF

# OF UNITS

128

PRICE/UNIT

$59,375

CAP RATE

8.46%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dolphin Gardens

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1955

PARKING SPACES

75

LAND DETAILS

LAND ACRES

4.73 AC

LAND SF

206,050 SF

ZONING

APT GRDN, Detroit

APN/PARCEL ID

22-1247317

ASK ABOUT THIS PROPERTY

Christopher FutoMarcus & MillichapMore Info
248-415-3012

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Christopher FutoMarcus & MillichapMore Info
248-415-3012

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.