Core City Homes 4220 16th St 36 Unit Apartment Building $4,140,000 ($115,000/Unit) 6.28% Cap Rate Detroit, MI 48208

Core City Homes is a 36 scattered-site single-family homes located in Detroit, Michigan's 48208 zip code, comprising 24 four-bedroom and 12 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. This was originally a 45 package deal. Over the last 2 weeks - they have put 10 of the houses under contract. One of the renovated homes is under contract for $185,000. Another non-renovated home is under contract at $155,000. 5 of the homes (mix of renovated and non) are under contract for $125,000.
The easiest way to profit on these (aside from holding them for cash flow) is to sell them individually. The seller would prefer to sell them all as a package rather than one by one, and have offered a nice discount ($115k per house) to sell the remaining of the 36 homes.