Historical Multifamily Sale Listing - Montie Street Apartments - REO

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Montie Street Apartments - REO

800 Montie, Lincoln Park, MI 48146

N/A

32 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
32
Building Size:
24,800 SF
Property Type:
Multifamily
Property Sub-type:
Garden/Low-Rise
Property Use Type:
Investment
Distressed:
Yes
Cap Rate:
10%
Listing ID
16675758
Last Updated
over 1 year ago

Highlights

  • REO OPPORTUNITY - LENDER OWNED ASSET
  • Mature and Stable Neighborhood
  • Excellent Potential for Upside
  • Previous History of Strong Occupancy

Description

Montie Street Apartments is situated in a quiet residential neighborhood, in the stable submarket of Lincoln Park, Michigan. Construction of the three two-story, garden-style buildings, containing a total of 32 units, consists of wood frame with brick and aluminum siding. The roofs are pitched with asphalt shingles. The HVAC system for the buildings is comprised of a central boiler and through-wall air conditioning units. All buildings have been well maintained throughout their existence and also maintain a steady occupancy history.

Montie Street offers its tenants several amenities including fully applianced units, storage area, laundry facilities and a swimming pool. There is ample parking with 25 carports and 50 open spaces. In addition, the property is conveniently located with easy access to shopping and dining. Overall, Montie Street Apartments represents a stable investment opportunity in a proven location, with a strong occupancy history and potential for increased income.

Lincoln Park boasts a strong and stable population with an above average household income for Wayne County. Lincoln Park is also a close-knit community with a significant population density for the Detroit metropolitan region. The convergence of these facts means that Lincoln Park boasts one of the highest income densities in the region equating to an impressive $254,558 per acre and an average household income of $60,182. There are a total of 15,710 households with a total population of 38,557 within the city limits.

Lincoln Park is centrally located in the Downriver area of Metro Detroit and offers unparalleled access to all major thoroughfares in the region. The city is also favorably situated within easy reach of major regional retail destinations and employment centers.

Map of 800 Montie, Lincoln Park, MI 48146 (Wayne County)

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Created 5/6/2010