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3205 Kendall St 24 Unit Apartment Building $1,350,000 ($56,250/Unit) 12% Cap Rate Detroit, MI 48238
Executive Summary
Stunning brick apartment complex located on Detroit’s desirable west side in the Dexter/Linwood area. This 24-unit multifamily asset consists entirely of one-bedroom, one-bath units and is currently approximately 90% occupied, with a portion of Section 8 tenants. The property has seen several major capital improvements, including a roof approximately 5 years old, updated vinyl windows, a boiler replaced approximately 2 years ago, and a newer hot water tank. More than half of the units have been rehabilitated, offering immediate upside and reduced near-term capital expenditures. This stabilized asset operates at an impressive ~12% cap rate, generating approximately $150,000 in net annual income. An excellent opportunity for both seasoned investors and those looking to expand their multifamily portfolio in a strong rental corridor. Serious inquiries
Property Facts
| Price | $1,350,000 | Apartment Style | Low-Rise |
| Price Per Unit | $56,250 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 12% | Building Size | 14,388 SF |
| No. Units | 24 | Average Occupancy | 90% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1925 |
| Zoning | R2 | ||
| Price | $1,350,000 |
| Price Per Unit | $56,250 |
| Sale Type | Investment |
| Cap Rate | 12% |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 14,388 SF |
| Average Occupancy | 90% |
| No. Stories | 3 |
| Year Built | 1925 |
| Zoning | R2 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | - |
1 1
Property Taxes
| Parcel Number | 12-005051 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $375,400 |
Property Taxes
Parcel Number
12-005051
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$375,400
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3205 Kendall St
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