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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, providing a clear value-add opportunity. 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 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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