This property is Off-Market
Detroit, MI 48201 ·
43 Units · Multifamily For Sale
457 Brainard Apartments - Redevelopment
|No. Units||43||Cap Rate||30%|
|Building Size||29,840 SF||No. Stories||4|
|Property Type||Multifamily||Year Built||1916|
|Property Sub-type||Garden/Low-Rise||Lot Size||0.26 AC|
|Property Use Type||Investment|
|Listing ID: 16361005||Date Created: 08/18/2009||Last Updated: 01/04/2010|
457 Brainard is a redevelopment opportunity located in Midtown in Detroit, Michigan. The project entailes the rehabilitation of a vacant apartment building currently set up for 43 units. Originally constructed in 1916, the current configuration consists of 25 studio apartmenst and 18 one bedroom units.
Directly across the street is a similar building, 484 Brainard Street Apartments, which was rehabilitated in 2005. Currently 484 Brainard consists of 47 units and has maintained a 95-100% occupancy since stabilization. Tenants in the area include many young professionals and students of nearby Wayne State University.
This property is offering a Pro Forma Cap rate of 41.55% on conservative rents and achievable occupancy. The number of units is based off of current configuration.
457 Brainard is located in Midtown Detroit, home to Wayne State University's campus and the Detroit Medical Center. Midtown is a thriving and walkable neighborhood and continues to become a highly desirable place to live in Detroit. There are many new developments in Midtown including loft conversions, new restaurants and nightlife, and an expanding business climate
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