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Parkside Apartments 23740 Fenkell St 138 Unit Apartment Building $7,000,000 ($50,725/Unit) 10% Cap Rate Detroit, MI 48223
Executive Summary
Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases. Seller has done numerous amounts of upgrades and remodeling to the property in the past couple of years. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. Property has Certificate of Compliance good through 2027.
Property Facts
| Price | $7,000,000 | Building Class | C |
| Price Per Unit | $50,725 | Lot Size | 2.56 AC |
| Sale Type | Investment | Building Size | 108,271 SF |
| Cap Rate | 10% | Average Occupancy | 98% |
| No. Units | 138 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1967 |
| Property Subtype | Apartment | Parking Ratio | 1.25/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | R5 - Medium Density Residential District | ||
| Price | $7,000,000 |
| Price Per Unit | $50,725 |
| Sale Type | Investment |
| Cap Rate | 10% |
| No. Units | 138 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 2.56 AC |
| Building Size | 108,271 SF |
| Average Occupancy | 98% |
| No. Stories | 3 |
| Year Built | 1967 |
| Parking Ratio | 1.25/1,000 SF |
| Zoning | R5 - Medium Density Residential District |
Amenities
Unit Amenities
- Air Conditioning
- Cable Ready
- Heating
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Intercom
Site Amenities
- Controlled Access
- Laundry Facilities
- Gated
- Smoke Free
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 33 | - | 600 |
| 1+1 | 79 | - | 750 |
| 2+1 | 26 | - | 900 |
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Property Taxes
| Parcel Number | 22-0110989 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,072,900 |
Property Taxes
Parcel Number
22-0110989
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,072,900
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Parkside Apartments | 23740 Fenkell St
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