Dorchester is comprised of 40 one-bedroom apartment units (approximately 723 sqft) and 8 two-bedroom units (approximately 830 sqft). The property was built in 1967 and has been exceptionally well maintained over its lifetime and recently received new paint and carpet in all common areas. The utility structure at the property includes a landlord-paid, hot-water boiler system and the in-unit electricity is separately metered and the responsibility of the tenant.
From a financial standpoint, Dorchester is performing exceptionally well as is evidenced by its 92% occupancy and stellar level of collections. Pursuant to the month-end May Rent Roll, all of the $23,945 in billable rent was collected, representing collections of 100%.
Notable for investors is the fact that agency tenants comprise 33% of the existing tenant base. The rent for these tenants is guaranteed by the government and at levels consistent with the high-end of the market average. Specifically, average occupied rental rates at Dorchester average 69-86¢ per square foot for one-bedroom units and 64-78¢ per square foot for two-bedroom units.
Dorchester Apartments is comprised of two 24-unit garden-style buildings with secure-gated parking at the rear of the buildings. The property is located off Burt Road between Plymouth road and I-96. As a result of this excellent location residents enjoy easy access to two major freeways in the area, M-39 & I-96, and are in close proximity to both downtown Detroit and the suburbs.
The City of Detroit, it is not only Michigan' s largest city, but also the seat of Wayne County, whose population exceeds 1.8 million. Detroit is the major cultural, financial, and transportation center in the Metro Detroit area, and serves as the major port on the Detroit River connecting the Great Lakes system to world markets. In 2010, the city had a population 713,777 and ranked as the 18th most populous city in the United States. The Detroit-Windsor area, a critical commercial link straddling the Canada-U.S. border, has a total population of about 5.7 million.
