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18059 Hoover St 16 Unit Apartment Building Offered at $1,000,000 at a 12% Cap Rate Detroit, MI 48205
Executive Summary
Calling all investors! 16-unit apartment complex featuring all one-bedroom, one-bath units. Extensively updated with new plumbing, updated electrical, newer windows, and brand-new furnaces. Half the units offer electric baseboard heat, while the others have individual furnaces. Tenants pay gas and electric, keeping operating costs low. Units have been renovated with updated kitchens and baths, new flooring, fresh paint, and stainless steel appliances. 90%+ occupied and generating a strong 12% cap rate. Property has completed Step 1 of the Pilot Program, with seller working toward full approval with two steps remaining. Don’t miss this great investment opportunity!
Property Facts
| Price | $1,000,000 | Property Type | Multifamily |
| Price Per Unit | $62,500 | Building Size | 10,590 SF |
| Sale Type | Investment | Average Occupancy | 90% |
| Cap Rate | 12% | No. Stories | 2 |
| No. Units | 16 | Year Built | 1948 |
| Price | $1,000,000 |
| Price Per Unit | $62,500 |
| Sale Type | Investment |
| Cap Rate | 12% |
| No. Units | 16 |
| Property Type | Multifamily |
| Building Size | 10,590 SF |
| Average Occupancy | 90% |
| No. Stories | 2 |
| Year Built | 1948 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | - |
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18059 Hoover St
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