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1800 W Bethune St
Detroit, MI 48206
Multifamily Property For Sale
·
83 Units
Executive Summary
Bethune Lofts is an 83-unit, extensively renovated multifamily community located at 1800 W Bethune Street in Detroit’s LaSalle Gardens/New Center corridor. Built in 1924 and modernized with high-end loft-style finishes, the property offers a blend of studios, one-bedrooms, and two-bedrooms with features such as wide-plank waterproof flooring, quartz countertops, stainless appliances, custom glass showers, large windows, and in-unit washer/dryer. The community also provides secure parking, pet-friendly policies, and full interior/exterior camera systems. With 51,974 square feet, 95% occupancy, and strong in-place rents averaging $1,340 per unit, Bethune Lofts generates $964,720 in NOI, supporting a 6.66% cap rate at the $14,495,000 asking price.
Located minutes from Henry Ford Hospital, Wayne State University, New Center offices, and ongoing redevelopment nodes, the property benefits from sustained rental demand and connectivity to key employment hubs. Area rent comps—including The Kahn, St. Regis House, and Barlum Apartments—verify strong rent support in the submarket, with several achieving even higher rent-per-square-foot figures, highlighting continued revenue upside. The combination of scale (83 units), renovation quality, stabilized operations, and strategic positioning within a strengthening Detroit urban corridor makes Bethune Lofts an attractive core-plus investment with long-term appreciation potential.
Located minutes from Henry Ford Hospital, Wayne State University, New Center offices, and ongoing redevelopment nodes, the property benefits from sustained rental demand and connectivity to key employment hubs. Area rent comps—including The Kahn, St. Regis House, and Barlum Apartments—verify strong rent support in the submarket, with several achieving even higher rent-per-square-foot figures, highlighting continued revenue upside. The combination of scale (83 units), renovation quality, stabilized operations, and strategic positioning within a strengthening Detroit urban corridor makes Bethune Lofts an attractive core-plus investment with long-term appreciation potential.
Property Facts
| Price Per Unit | $174,639 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.39 AC |
| Cap Rate | 6.66% | Building Size | 63,616 SF |
| No. Units | 83 | No. Stories | 4 |
| Property Type | Multifamily | Year Built/Renovated | 1924/2023 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | CM | ||
| Price Per Unit | $174,639 |
| Sale Type | Investment |
| Cap Rate | 6.66% |
| No. Units | 83 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.39 AC |
| Building Size | 63,616 SF |
| No. Stories | 4 |
| Year Built/Renovated | 1924/2023 |
| Opportunity Zone |
Yes |
| Zoning | CM |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- Controlled Access
- Tenant Controlled HVAC
- Recycling
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 58 | - | 470 - 592 |
| 1+1 | 20 | - | 470 - 750 |
| 2+1 | 5 | - | 800 |
Property Taxes
| Parcel Number | 08-005733 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $9,500 |
Property Taxes
Parcel Number
08-005733
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$9,500
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