This property is Off-Market
Detroit, MI 48202 ·
166 Units · Multifamily For Sale
New Center Plaza & The Marlenor
|No. Units||166||Property Use Type||Investment|
|Building Size||77,385 SF||Cap Rate||10%|
|Property Type||Multifamily||No. Stories||4|
|Listing ID: 17440476||Date Created: 12/05/2011||Last Updated: 02/12/2014|
Value-Added Opportunity Both of the properties possess an upside opportunity through strategic capital improvements and specialized management. Additional revenue may be achieved through the implementation of a RUBS Program.
Prime Locations - These properties are conveniently situated within minutes to Detroit's Central Business District, major employment centers, entertainment venues, and shopping.
Improving Market - The Michigan employment rate has increased by 3% over the past nine months. This has been the catalyst for improving apartment occupancies and operations.
Current Occupancy 82% (June 2012) - Owner has implemented a new leasing program which has increased occupancy from 66% to 82% within 4 months. Occupancy is estimated to be 98% by September 2012.
New Center Plaza and The Marlenor are within walking distance of the Fisher Building and the premiere Comerica TasteFest held in July. A quiet building, New Center Plaza is a well kept, secure environment to make your next home in. Public transportation right across the street.
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