4220 16th St - Core City Homes 45 Unit Apartment Building Offered at $5,625,000 at a 6.71% Cap Rate Detroit, MI 48208

Core City Homes is a 45 scattered-site single-family homes located in Detroit, Michigan's 48208 zip code, comprising 28 four-bedroom and 17 three-bedroom residences across a concentrated cluster of streets including 15th, 16th, 17th, 18th, and W Forest Avenue. The portfolio represents a rare opportunity to acquire significant residential density in a single transaction, a scale that is difficult to replicate in Detroit's fragmented single-family market, with a clear value-add path through renovation and stabilization, or the ability to sell the homes individually. The portfolio currently generates $749,580 in gross potential rent and $651,639 in effective gross income after an approximately 14% vacancy factor, producing a net operating income of $377,642. Under a fully stabilized, 80% Max AMI rent scenario (in order to get the PILOT Tax), effective gross income increases to $1,040,000 with a corresponding NOI of $657,000. Notably, current real estate taxes of $125,033 drop to $57,040 under the Max AMI scenario, suggesting meaningful tax abatement potential tied to affordable housing compliance that a buyer should underwrite and pursue aggressively.