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Blackstone Apartments 21124 Schoolcraft 27 Unit Apartment Building $1,650,000 ($61,111/Unit) 8.07% Cap Rate Detroit, MI 48223
Investment Highlights
- 30-unit multifamily apartment with an efficient one-bedroom unit mix.
- mmediate access to I-96 and Southfield Freeway (M-39), providing quick connectivity throughout Metro Detroit.
- Minutes from neighborhood shopping including Telecraft Shopping Center, Grand River Market Place, and Value Center.
- On-site parking and spacious site with approximately 0.42 acres.
- Approximately 20 minutes from Downtown Detroit and major employment centers.
- Near Rouge Park and Eliza Howell Park, offering extensive green space, walking trails, and recreational amenities.
Executive Summary
Located in Detroit's Brightmoor neighborhood, Blackstone Apartments at 21124 Schoolcraft, Detroit, MI 48223 presents a value-add multifamily investment opportunity featuring approximately 30 one-bedroom units across a 19,500square-foot low-rise apartment building situated on a 0.42-acre site. The property offers investors the potential to capitalize on Detroit's continued rental demand while benefiting from convenient access to major roadways, neighborhood retail, employment centers, and everyday amenities.
Property Facts
| Price | $1,650,000 | Apartment Style | Low-Rise |
| Price Per Unit | $61,111 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.42 AC |
| Cap Rate | 8.07% | Building Size | 19,500 SF |
| No. Units | 27 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1968 |
| Property Subtype | Apartment | Parking Ratio | 1.79/1,000 SF |
| Zoning | B4 - General Business District | ||
| Price | $1,650,000 |
| Price Per Unit | $61,111 |
| Sale Type | Investment |
| Cap Rate | 8.07% |
| No. Units | 27 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.42 AC |
| Building Size | 19,500 SF |
| No. Stories | 3 |
| Year Built | 1968 |
| Parking Ratio | 1.79/1,000 SF |
| Zoning | B4 - General Business District |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
Site Amenities
- 24 Hour Access
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 27 | - | 755 |
1 1
Somewhat walkable
30/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 22-0094403 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $495,300 |
Property Taxes
Parcel Number
22-0094403
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$495,300
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Blackstone Apartments | 21124 Schoolcraft
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