101267 Home Sfr Detroit MiDetroit, MI 48227

Property Details for 101267 Home Sfr Detroit Mi

Year built

1940

Property size (Sq ft)

62,503 SF

Property type

Investment properties

Property subtype

Multifamily properties

Description

This exceptional 54-unit single-family rental portfolio in Detroit, MI, presents a compelling investment opportunity. Comprising 52 single-family detached homes and one duplex, this stabilized portfolio boasts a 98% occupancy rate and a substantial net operating income (NOI) of $402,151, projected to increase to $408,373. The portfolio features a mix of two-, three-, four-, and five-bedroom homes, ranging in size from 714 to 2,510 square feet, with an average of 1,157 square feet. Built between 1919 and 1963 (average 1940), these homes benefit from significant renovations and cosmetic improvements. A local property management company ensures quality maintenance. Importantly, 38 units are Section 8, providing guaranteed income. Currently, the average rent is $866 per month, 10% below market rates, offering significant upside potential. The portfolio sits on a substantial 258,311 square foot lot and totals 62,503 square feet of rentable space. With an asking price of $4,400,000 ($81,481 per unit and $70.40 per square foot), this portfolio offers a compelling 9.14% cap rate, projected to reach 9.28% in year one. The property is offered fee simple. This represents a significant discount compared to the Wayne County median home price, presenting a strong value proposition for discerning investors. The portfolio's location within the Detroit metropolitan area, known for its economic resurgence and affordable housing market, further enhances its long-term investment prospects.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3787

Longitude

-83.1971

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].