18230 Weaver St - Apartments FOR SALE


Detroit, MI 48228- Cody-Rouge
$975,000 USD
248-509-0563
18230 Weaver St, Detroit, MI for Sale
$975,000 USD
Apartments - FOR SALE
1/22
null | 13.02% Cap Rate

18230 Weaver St
Detroit, MI 48228
Cody-Rouge


HIGHLIGHTS

  • $975,000 Acquisition Price ($57.3k/unit)
  • $1.3M – $1.5M Stabilized Value (8.5% Cap)
  • $126,912 Stabilized NOI
  • A near turnkey, extensively renovated asset with significant upside

OVERVIEW

17-UNIT VALUE-ADD MULTIFAMILY INVESTMENT A near turnkey, extensively renovated asset with significant upside and expansion potential in Detroit’s growing market. This multi-family property represents a highly de-risked, near-turnkey investment opportunity. All units are individually submetered, shifting nearly all utility financial responsibility (excluding common water/sewer) directly to the tenants. All heavy capital expenditures have been finalized, with framing, windows, roof, exterior envelope, drywall, interior paint, luxury vinyl plank (LVP) flooring and major rough plumbing/electrical systems 100% complete. Only requires final mechanical “trim” and minor finish plumbing, specifically installing furnaces, water heaters, kitchen sinks, faucets, and shower diverters, to reach final stabilization. The asset will be delivered 100% vacant, eliminating inherited tenant issues, eviction risk, and under-market legacy leases. This allows the new owner to activate an immediate lease-up campaign at pro forma 2026 market rates. Furthermore, operational overhead is exceptionally low due to the property’s participation in the Detroit PILOT tax abatement program. This agreement significantly reduces real estate tax liability and effectively insulates the buyer from the property tax uncapping penalties typical of a traditional asset transfer. Priced at $975k ($57.3k/unit), the property offers immediate built-in equity relative to its stabilized appraised value of $1.3M ($76k/unit) to $1.5M ($88k/unit) at an 8.5% Cap Rate.

FOR SALE DETAILS

PRICE

$975,000 USD

PRICE/SF

$89 USD /SF

# OF UNITS

17

PRICE/UNIT

$57,353

CAP RATE

13.02%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Emerson Park - 17 Units

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Dormitory

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1969

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.89 AC

LAND SF

38,768 SF

ZONING

CM

APN/PARCEL ID

22-06825-561

ASK ABOUT THIS PROPERTY

Shah KarimDetroit Invest CorpMore Info
248-509-0563

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Shah KarimDetroit Invest CorpMore Info
248-509-0563

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