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.