City Of Detroit Detroit, MI 48234

This exceptional investment opportunity presents a portfolio of 53 single-family rental homes in Detroit, Michigan, totaling 50,000 square feet. Currently boasting 100% occupancy (proforma assumes 5% vacancy), this stabilized portfolio offers a compelling 8.01% cap rate at an asking price of $3,816,000, or $72,000 per unit. The portfolio comprises seven 4-bedroom homes, thirty-three 3-bedroom homes, and thirteen 2-bedroom homes, with a mix of market-rate (50 units) and Section 8 (3 units) tenants providing stable income. All properties possess Certificates of Compliance (COFCs), with $38,500 invested in certification inspection fees in 2021. Significant improvements have been made, totaling approximately $556,500 in repairs, maintenance, and upgrades between 2020 and 2022. The portfolio is professionally managed, with a 10% third-party management fee included in operating expenses, offering a potential for increased profitability for the new owner. Located in Wayne County, MI, zip code 48234, this portfolio presents an excellent opportunity for a local investor/manager/owner, particularly given that many units are currently rented below market rates. The property is zoned residential and has an APN of 13008112-9.