75 Great Lk StRiver Rouge, MI 48218
- Apartment buildings
Property Details for 75 Great Lk St
- Property type
- Apartment buildings
Description
This stabilized, 15-unit apartment building in River Rouge, Michigan, presents a compelling investment opportunity. Located at 75 E Great Lakes St, this three-story Class C property boasts a 95% occupancy rate and a current NOI of $51,289, yielding a 7.60% cap rate. The pro-forma NOI is projected at $66,201, representing a 9.81% cap rate, indicating significant upside potential. The property comprises one studio, twelve one-bedroom/one-bathroom, and two two-bedroom/one-bathroom units, with an average current rent of $635 per month. While below market average, recent lease-ups demonstrate the ability to achieve market rents without significant renovations. The building benefits from recent capital improvements, including a new roof and boiler (within the last five years), updated windows (less than ten years old), and modernized electrical panels. Common areas recently received new carpeting and stair treads. Residents pay for their own electricity
Location Insight
- City
- River Rouge
- County
- Wayne
- State
- Michigan
- Latitude
- 42.2672
- Longitude
- -83.1347
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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