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New Center Plaza & The Marlenor
675 Seward, Detroit, MI 48202
166 Units | Multifamily
Multifamily Property - Off Market
- No. Units:
- Building Size:
- 77,385 SF
- Property Type:
- Property Sub-type:
- Property Use Type:
- Cap Rate:
- No. Stories:
- Listing ID
- Last Updated
- 24 days ago
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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The information above has
been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified
it and make no guarantee, warranty or representation about it. It is your responsibility to independently
confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are
for example only and do not represent the current or future performance of the property. The value of
this transaction to you depends on tax and other factors which should be evaluated by your tax, financial,
and legal advisors. You and your advisors should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the property for your needs. TB-P