This Multifamily Property is Off-Market.

1511 First St.
Detroit, MI 48226 ·

260 Units · Multifamily For Sale

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Town Apartments

Price N/A Cap Rate 9.74%
No. Units 260 Gross Rent Multiplier 4.90
Building Size 220,997 SF Occupancy 93%
Property Type Multifamily No. Stories 15
Property Sub-type Mid/High-Rise Year Built 1940
Property Use Type Investment
Listing ID: 13783198 Date Created: 10/06/2003 Last Updated: 05/05/2004

Description

THE PRICE HAS BEEN REDUCED FROM $8.5M Motivated Seller!
The Town Apartments was renovated 3 years ago from a 315 unit apartment and
short term stay complex to an upgraded 260 unit conventional rental complex.
Units were combined and upgraded to a higher demanded living arangement.
Millions of Dollars in renovation including NEW elevators (3), Boilers (3), Roof,
Tuck Pointing, Upgaraded Hallway, Hot Water Boilers, Garage Ramp, Carpeting,
many appliances, Lobby and Leasing office.

In the heart of it all, at Cass and Michigan Ave. Just East of the New MGM Casino.
Located in the Central Business Districe (CBD)of Detroit. Near Comerica Park,
Cobo Hall, Ford Field, Joe Louis, Fox & State theatre, Detroit Opera House,
GreekTown, Hart Plaza, Renissance Center and the New Compuware headquarters

Highlights

  • THE PRICE HAS BEEN REDUCED FROM $8.5M
  • Central Business District (CBD)
  • Millions in rehab in the building
  • Next to "MGM" Casino,Cobo Hall & Joe Louis

Research

1511 First St., Detroit, MI 48226 (Wayne County)

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