300 Whitmore RdDetroit, MI 48203

Property Details for 300 Whitmore Rd

Year built

1928

Lot size

0.89 AC

Property size (Sq ft)

52,264 SF

Zone code

R5

Property type

Commercial real estate

APN

02002603.

APU

2002603

Description

This exceptional investment opportunity presents a portfolio of 14 apartment buildings totaling 506 units, situated in Detroit and Highland Park, Michigan's historic Palmer Park district. Originally constructed between 1924 and 1953, these buildings, listed on the historic register, offer significant value-add potential. The portfolio boasts over 500,000 square feet of space, with units ranging from one to two bedrooms, featuring full baths, family rooms, and basic appliances (refrigerator, range, garbage disposal). Coin-operated laundry facilities are available on-site, and utilities (gas, heat, and water) are included. Currently undergoing renovations to boost occupancy and tenant satisfaction, this portfolio benefits from a proactive local government committed to revitalization efforts, including the "Project Green Light" initiative, enhancing resident security through a connected camera system. The prime location, across from Palmer Park and minutes from downtown Detroit, offers strong potential for increased rental income and property appreciation. The asking price is $21,000,000, representing a price per unit of $41,501.98. This is a rare chance to acquire a substantial multifamily portfolio in a rapidly developing area. The buildings are five stories high and are located at various addresses in Detroit and Highland Park, MI, zip code 48203. This is a value-add investment opportunity with significant upside potential.

• Alternative Use

  Use

  Valuation

  Residential

  $12,442,140

  Hospitality

  $11,396,933

  Educational

  $9,482,115

  Medical

  $9,808,219

  Retail

  $14,749,956

Location Insight

City

Highland Park

County

Wayne

State

Michigan

Latitude

42.4189

Longitude

-83.1082

CBSA code

19820

CBSA name

DETROIT-WARREN-LIVONIA, MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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