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1732 W Bethune St 13 Unit Apartment Building $2,195,000 ($168,846/Unit) 6.99% Cap Rate Detroit, MI 48206
Investment Highlights
- Total Building Rehabbed
- Taxes on OPRA though 2032
- High End Interior Finishes
Executive Summary
1732 W Bethune is an 11-unit apartment building with a ground-floor retail suite located in Detroit’s resurgent New Center district. With a listed price of $2,195,000, the asset offers a 6.99% cap rate on current NOI of $153,468. The building is recently renovated with modern unit finishes and strong in-place rents.
The property benefits from stable occupancy, a desirable urban location near major employers, and high demand for quality renovated units in the New Center submarket. Additionally, the property is a block away from Henry Ford Hospital which is going through a $2.2 billion expansion. This project has created over 2,000 construction jobs and will generate over 700 permanent jobs upon completion.
The property benefits from stable occupancy, a desirable urban location near major employers, and high demand for quality renovated units in the New Center submarket. Additionally, the property is a block away from Henry Ford Hospital which is going through a $2.2 billion expansion. This project has created over 2,000 construction jobs and will generate over 700 permanent jobs upon completion.
Property Facts
| Price | $2,195,000 | Building Class | C |
| Price Per Unit | $168,846 | Lot Size | 0.11 AC |
| Sale Type | Investment | Building Size | 8,550 SF |
| Cap Rate | 6.99% | Average Occupancy | 100% |
| No. Units | 13 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1916/2024 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | MF - Multifamily residential | ||
| Price | $2,195,000 |
| Price Per Unit | $168,846 |
| Sale Type | Investment |
| Cap Rate | 6.99% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.11 AC |
| Building Size | 8,550 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1916/2024 |
| Opportunity Zone |
Yes |
| Zoning | MF - Multifamily residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Wheelchair Accessible
- Trash Pickup - Curbside
- Smoke Detector
Moderately walkable
70/100
Moderately drivable
70/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $6,400 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$6,400
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1732 W Bethune St
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