Historical Multifamily Sale Listing - Town Apartments

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Town Apartments

1511 First St., Detroit, MI 48226

N/A

260 Units | Multifamily

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Town

Multifamily Property - Off Market

Price:
N/A
No. Units:
260
Building Size:
220,997 SF
Property Type:
Multifamily
Property Sub-type:
Mid/High-Rise
Property Use Type:
Investment
Cap Rate:
9.74%
Gross Rent Multiplier:
4.90
Occupancy:
93%
No. Stories:
15
Year Built:
1940
Listing ID
13783198
Last Updated
over 1 year ago

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

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

Map of 1511 First St., Detroit, MI 48226

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