16623 Schaefer HwyDetroit, MI 48235

Property Details for 16623 Schaefer Hwy

Year built

1963

Property size (Sq ft)

35,200 SF

Property type

Apartment buildings

Description

This stabilized-value add multifamily investment property, located at 16623-16625 Schafer Hwy in Detroit, MI, presents a compelling opportunity. The 35,200 square foot, two-story building, constructed in 1963 and extensively renovated in 2022, 2023, and 2024, comprises 32 units: 30 one-bedroom/one-bathroom units (approximately 650 sq ft each) and two two-bedroom/one-bathroom units (approximately 900 sq ft each). The property sits on a single building with 30 parking spaces. Currently operating at 75% occupancy (as of January 1, 2022), the property generates a current NOI of $153,512, with a pro-forma NOI of $341,112. The asking price is $1,599,999, representing a price per unit of $49,999.97 and a price per square foot of $45.45. The current cap rate is 9.59%, with a pro-forma cap rate of 21.32%. Significant capital expenditures (approximately $250,000) have been invested in renovations, including new carpets, paint, vinyl flooring, and appliances in many units. The property is zoned MF (Multifamily) and offers substantial upside potential through further rent increases, given the current average rent of $775 per unit (compared to market averages of $850-$1100). All leases are month-to-month. This is a privately owned property, suitable for a 1031 exchange.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.4138

Longitude

-83.1797

FAQs

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