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5 Unit Apartment building!! 100% Occupied
Exceptional income-producing opportunity in Detroit’s revitalizing Islandview and West Village corridor. This fully occupied 5-unit multifamily building generates $62,400 in annual gross rental income. The property consists of four spacious 2-bedroom units, each approximately 1,200 square feet, and leased at $1,000 per month, along with one large 3-bedroom unit of 1,700 square feet leased at $1,200 per month. The landlord pays only for water, while tenants cover gas and electricity, keeping expenses low and returns strong.
Current rents remain below market, providing a significant opportunity to increase income as the Detroit rental market continues to strengthen. With a cap rate of 8.3% and potential growth up to 10%, this property offers impressive performance and long-term upside. Situated in a vibrant neighborhood near Sonora Missionary Baptist...
Current rents remain below market, providing a significant opportunity to increase income as the Detroit rental market continues to strengthen. With a cap rate of 8.3% and potential growth up to 10%, this property offers impressive performance and long-term upside. Situated in a vibrant neighborhood near Sonora Missionary Baptist Church, the Detroit Waldorf School, and the Butzel Family Recreation Center, it’s ideally located for tenants seeking convenience and community.
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