51611 Mound Rd - Apartments FOR SALE


Shelby Township, MI 48316- Shelby Township-Utica
$1,990,000 USD
248-515-2785
51611 Mound Rd, Shelby Township, MI for Sale
$1,990,000 USD
Apartments - FOR SALE
1/18
null | 6% Cap Rate

51611 Mound Rd
Shelby Township, MI 48316
Shelby Township-Utica


OVERVIEW

Huron River Shelby consists of 12 units, 3 two-bedroom, one-bath upgraded units, measuring 900 square feet & 9 two-bedroom, one-bath upgraded units with granite & stainless-steel appliances, measuring 900 square feet. This property was built in 1962 and has been well-maintained over the years with mature trees and landscaping. Huron River Shelby offers quiet living with a community feel. IPO has projected an NOI going forward of $119,329 based on street rents and T-12 December 2024 – November 2025 expenses. However, in year two, when the complex is brought up to market, the NOI increases to $131,712. This property has received over $90,000 of Cap-Ex improvements, such as new electrical panels in every unit, granite countertops, LVP flooring, 6-panel doors, and stainless-steel appliances. There is an additional $100,000 being spent on EV Chargers.

FOR SALE DETAILS

PRICE

$1,990,000 USD

PRICE/SF

$173 USD /SF

# OF UNITS

12

PRICE/UNIT

$165,833

CAP RATE

6%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Huron River Shelby

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1962

PARKING SPACES

24

LAND DETAILS

LAND ACRES

1.4 AC

LAND SF

60,984 SF

ZONING

CR

APN/PARCEL ID

23-07-17-426-030

ASK ABOUT THIS PROPERTY

Bruce ListerIncome Property OrganizationMore Info
248-515-2785

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Bruce ListerIncome Property OrganizationMore Info
248-515-2785

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