Beautiful 8-Unit Apartment in Highly Desirable Location of Detroit - 15.11% Cap Rate

[Annette Hibbler]

[b]8 Unit Apartment Complex
Gross Mo. Rent Income $3,690
Gross Annual Income $45,180
Net Operating Income $30,061
ROI Cap Rate 15.11%

I am just returning from Detroit, MI. I spent four solid days visiting excellent property investments. This one is a 4.5 star investment.

This property is in absolutely excellent condition. The exterior is neatly landscaped, building is solid and shows no visible necessary repairs. Gutters and downspouts are working well. Newer vinyl windows and roof in good order.

Interior has clean new carpets, walls are clean, painted and unmarked. Apartments have ample space, in “like-new” condition, large BDR open living room/dining area layout, small but functional kitchen. Full basement is clean and dry, newer boiler (2008), furnace in good working order.

Each unit has it’s own electric meter. Currently, landlord is paying water and gas. Landlord also pays minimal electric for common areas only (hallways, basement & exterior lights). The location of the property is in a beautiful and desirable suburb area 25 miles north of Detroit.

Serious inquiries only, please. I can provide more information and loads of photos.