4220 16th St - Multi-Family FOR SALE


Detroit, MI 48208- Core City
$5,625,000 USD
360-989-5395
4220 16th St, Detroit, MI for Sale
$5,625,000 USD
Multi-Family - FOR SALE
1/7
null | 6.71% Cap Rate

4220 16th St
Detroit, MI 48208
Core City


HIGHLIGHTS

  • Rent Growth
  • Value Add
  • Upside

OVERVIEW

Core City Homes is a 45 scattered-site single-family homes located in Detroit, Michigan's 48208 zip code, comprising 28 four-bedroom and 17 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. The portfolio currently generates $749,580 in gross potential rent and $651,639 in effective gross income after an approximately 14% vacancy factor, producing a net operating income of $377,642. Under a fully stabilized, 80% Max AMI rent scenario (in order to get the PILOT Tax), effective gross income increases to $1,040,000 with a corresponding NOI of $657,000. Notably, current real estate taxes of $125,033 drop to $57,040 under the Max AMI scenario, suggesting meaningful tax abatement potential tied to affordable housing compliance that a buyer should underwrite and pursue aggressively.

FOR SALE DETAILS

PRICE

$5,625,000 USD

PRICE/SF

$72 USD /SF

# OF UNITS

45

PRICE/UNIT

$125,000

CAP RATE

6.71%

% LEASED

85%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Core City Homes

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2005

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND 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.