Historical Multifamily Sale Listing - New Center Plaza & The Marlenor

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New Center Plaza & The Marlenor

675 Seward, Detroit, MI 48202

N/A

166 Units | Multifamily

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Multifamily Property - Off Market

Price:
N/A
No. Units:
166
Building Size:
77,385 SF
Property Type:
Multifamily
Property Sub-type:
Mid/High-Rise
Property Use Type:
Investment
Cap Rate:
10%
No. Stories:
4
Listing ID
17440476
Last Updated
201 days ago

Description

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.

Map of 675 Seward, Detroit, MI 48202 (Wayne County)

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