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1705 Oakman Blvd 13 Unit Apartment Building $799,900 ($61,531/Unit) 15.00% Cap Rate Detroit, MI 48238
Executive Summary
Calling all investors! 13-unit brick apartment building featuring all one-bedroom, one-bath units. 10 of the 13 units have been fully remodeled, with updated windows throughout the property. The seller has also invested thousands into maintaining the boiler system, keeping it in excellent condition. Low operating expenses with tenants paying DTE, water, and trash. The property is 100% approved for the PILOT program and will kick in next year. Strong rental demand, great market rents, and a convenient location make this an excellent cash-flow opportunity. A solid, updated multifamily property with plenty to offer both new and seasoned investors.
Property Facts
| Price | $799,900 | Building Class | B |
| Price Per Unit | $61,531 | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 8,748 SF |
| Cap Rate | 15.00% | Average Occupancy | 77% |
| No. Units | 13 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1927 |
| Property Subtype | Apartment | Parking Ratio | 1.49/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R5 - Medium Density Residential District | ||
| Price | $799,900 |
| Price Per Unit | $61,531 |
| Sale Type | Investment |
| Cap Rate | 15.00% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.14 AC |
| Building Size | 8,748 SF |
| Average Occupancy | 77% |
| No. Stories | 3 |
| Year Built | 1927 |
| Parking Ratio | 1.49/1,000 SF |
| Zoning | R5 - Medium Density Residential District |
Amenities
Unit Amenities
- Air Conditioning
- Refrigerator
Site Amenities
- 24 Hour Access
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 13 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 12-004787 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $233,600 |
Property Taxes
Parcel Number
12-004787
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$233,600
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Contact the Sale Advisor
1705 Oakman Blvd