14414 Corbett St
Detroit, MI 48213
Chalmers Apartments · Multifamily Property For Sale · 16 Units

Property tours are available by appointment ONLY. Please contact Nick Kirby to schedule at Nick@CommercialPA.Com or 248.394.0000 Ext. 255. Investment Highlights: Value-add low-rise affordable apartments in Detroit, MI 4 Buildings with 60% occupancy Current rents averaging $525 monthly with proforma NOI of $103k Located on a main bus route and within walking distance to retail POI Convenient location mile from Edsel Ford Freeway and minutes from downtown Detroit Investment Overview: Chalmers Apartments is a 76-unit, low-rise, affordable housing apartment complex located at 9439 Chalmers Street, 9455 Chalmers Street, 14414 Corbett Avenue, and 9441 Queen Street in Detroit, MI. Chalmers Apartments is comprised of one, 4-story building, on 1.32 AC with 57,100 SF of rentable area. The Property offers fifty affordable 800 SF one-bedroom apartments and eighteen 950 SF one-bedroom apartments. There are currently 8 down downs which represent value-add through repair and lease-up. Interior unit amenities include in wall AC units, range, oven, refrigerator, garbage disposal, and carpet. Some community amenities include outdoor parking, nicely landscaped, open courtyard, and common entries. The property is currently 60% occupied with rents averaging $525 monthly. This property presents a large value-add opportunity through repair of the down units, increase in leasing velocity, and future annul increases at market rates with proforma NOI estimated at $103,213. Chalmers Apartments is located just North of I-94 in Wayne County within the City of Detroit. The Property is located just minutes from downtown Detroit, close to schools, shopping, businesses, entertainment and an assortment of recreational activities. The Property is conveniently located within walking distance to local grocery stores, retail points of interest, and public transportation. Chalmers Apartments is approximately mile from the Edsel Ford Freeway (I-94) and minutes from downtown Detroit. Through a coalition of some of Detroit's largest employers, worldwide investors, as well as passionate and driven city leaders, Detroit's revival has become an unprecedented success story. The buzz and excitement generated by Detroit's "Live Downtown", has attracted thousands of new residents that are see