17435 Manderson RdHighland Park, MI 48203

Property Details for 17435 Manderson Rd

Year built

2022

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional multifamily investment opportunity comprises two recently renovated apartment buildings located in Detroit's desirable Palmer Park neighborhood. The portfolio consists of 63 units, offering a mix of studio, one-bedroom, and two-bedroom apartments. Building one, located at 17435-17529 Manderson Rd, features 39 units (1 studio, 34 one-bedroom, and 4 two-bedroom) ranging from 575 to over 850 square feet. Building two, situated at 17765 Manderson Rd, includes 24 units (8 one-bedroom and 15 two-bedroom) with sizes between 800 and 1,050 square feet. Both buildings boast modern, updated interiors featuring central heat and air conditioning, stainless steel appliances, and updated kitchens. Currently 100% occupied, the portfolio offers a compelling investment opportunity with a strong cash flow. Building one has a sale price of $3,500,000, generating a gross income of $489,600 and a net operating income (NOI) of $303,858, resulting in an 8.7% cap rate. Building two is priced at $2,500,000, with a gross income of $310,900 and an NOI of $189,805, yielding a 7.6% cap rate. Amenities include high-speed internet access, Wi-Fi, and smoke-free environments. The properties are available for purchase individually or as a portfolio. This is a rare chance to acquire a high-performing, fully renovated multifamily asset in a thriving Detroit location.

Location Insight

City

Highland Park

County

Wayne

State

Michigan

Latitude

42.4195

Longitude

-83.1165

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