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River Park 19143 Berg Rd 40 Unit Apartment Building $2,500,000 ($62,500/Unit) 10% Cap Rate Detroit, MI 48219
Executive Summary
Excellent investment opportunity featuring a 40-unit apartment complex consisting of two buildings on one lot. The property offers a desirable unit mix of 16 one-bedroom/one-bath units, 16 two-bedroom/one-bath units, and 8 townhouse-style two-bedroom/1.5-bath units. Currently 98% occupied with only one vacancy, providing strong occupancy and consistent rental income. Both building boilers were replaced last winter. Roofs are in solid condition and windows are well maintained. The property offers an attractive 10% cap rate and is situated in a prime location.
Property Facts
| Price | $2,500,000 | Building Class | C |
| Price Per Unit | $62,500 | Lot Size | 1.50 AC |
| Sale Type | Investment | Building Size | 39,924 SF |
| Cap Rate | 10% | Average Occupancy | 95% |
| No. Units | 40 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1963 |
| Property Subtype | Apartment | Parking Ratio | 2.35/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R-5, Detroit - Residential Commercial Zoning | ||
| Price | $2,500,000 |
| Price Per Unit | $62,500 |
| Sale Type | Investment |
| Cap Rate | 10% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.50 AC |
| Building Size | 39,924 SF |
| Average Occupancy | 95% |
| No. Stories | 2 |
| Year Built | 1963 |
| Parking Ratio | 2.35/1,000 SF |
| Zoning | R-5, Detroit - Residential Commercial Zoning |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Heating
- Ceiling Fans
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 16 | - | 700 - 800 |
| 2+1 | 16 | - | 850 |
| 2+1.5 | 8 | - | 1,100 |
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Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 22-119370-001 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $992,300 |
Property Taxes
Parcel Number
22-119370-001
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$992,300
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River Park | 19143 Berg Rd