Sixteen bedroom house, Detroit, USA
Detroit, Wayne County, Michigan, USA
Property ID: 28030208
Summary Data
| Price | £445,843 |
| Price Type | |
| Bedrooms | 10 - Bed |
| Bathrooms | 10 - Bath |
| Plot Size | |
| Building Size |
| Sector | Residential |
| Type | Houses |
| Subtype | Townhouse |
| Tenure | |
| Completion | |
| Parking |
Location Map
Property Description
This is a unique opportunity to purchase a sixteen unit apartment building on a busy intersection on the famous Balfour Road, close to east English Village. The building is comprised of sixteen large one bedroom apartments and each apartment is tenant occupied. Included in the purchase price is a complete renovation of the building, this includes a new roof, new windows and each apartment will be separately renovated. On completion of the renovation the current tenants will be signing new leases with a rental amount of $650 per month. The tenants are aware that work will commence shortly on site and are all please that the renovation is getting under way. Each tenant is responsible for their own gas and electrics and are all currently managed by one of the leading Detroit property management companies.Balfour Road is highly demanded by investors due to its close proximity to Downtown Detroit and the rentability of the properties in this area. The area is close to East English Village, Grosse Pointe Park and Eastpointe.
Investment Details
$124,800 rent a year.
$13,984 management fee.
$8,200 taxes.
$1,700 insurance.
= 19% net return.