4220 16th St - Apartments FOR SALE


Detroit, MI 48208- Core City
$4,140,000 USD
360-989-5395
4220 16th St, Detroit, MI for Sale
$4,140,000 USD
Apartments - FOR SALE
1/7
null | 6.28% Cap Rate

4220 16th St
Detroit, MI 48208
Core City


HIGHLIGHTS

  • Rent Growth
  • Value Add
  • Upside

OVERVIEW

Core City Homes is a 36 scattered-site single-family homes located in Detroit, Michigan's 48208 zip code, comprising 24 four-bedroom and 12 three-bedroom residences across a concentrated cluster of streets including 15th, 16th, 17th, 18th, and W Forest Avenue. The portfolio represents a rare opportunity to acquire significant residential density in a single transaction, a scale that is difficult to replicate in Detroit's fragmented single-family market, with a clear value-add path through renovation and stabilization, or the ability to sell the homes individually. This was originally a 45 package deal. Over the last 2 weeks - they have put 10 of the houses under contract. One of the renovated homes is under contract for $185,000. Another non-renovated home is under contract at $155,000. 5 of the homes (mix of renovated and non) are under contract for $125,000. The easiest way to profit on these (aside from holding them for cash flow) is to sell them individually. The seller would prefer to sell them all as a package rather than one by one, and have offered a nice discount ($115k per house) to sell the remaining of the 36 homes.

FOR SALE DETAILS

PRICE

$4,140,000 USD

PRICE/SF

$53 USD /SF

# OF UNITS

36

PRICE/UNIT

$115,000

CAP RATE

6.28%

% LEASED

84%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Core City Homes

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2005

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.15 AC

LAND SF

6,581 SF

ZONING

-

APN/PARCEL ID

10-0060678

ASK ABOUT THIS PROPERTY

Brady WilliamsGreater DevelopmentMore Info
360-989-5395

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Brady WilliamsGreater DevelopmentMore Info
360-989-5395

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