This Multifamily Property is Off-Market.

675 Seward
Detroit, MI 48202 ·

166 Units · Multifamily For Sale

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New Center Plaza & The Marlenor

Price N/A Property Sub-type Mid/High-Rise
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

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.

Research

675 Seward, Detroit, MI 48202 (Wayne County)

Property Record Data - Historical Listings, current tax, mortgage, owners & tenant info for this property

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