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445 Field St
Detroit, MI 48214
Islandview Apartments · Multifamily Property For Sale
·
72 Units
Investment Highlights
- Rent Restrictions expire in September 2023 allowing new ownership lease up at market rents: current occupancy is 79% and ownership is doing no further
- Overall in-place rents at Islandview Apartments average approximately $550 below market, with studio units ±$300 below market, one-bedroom units±$500
- Located within a federal opportunity zone across Jefferson Ave to two public parks and the MacArthur Bridge to Belle Isle
- Property is perfectly positioned to transition to new ownership take advantage of market rate rents- new windows, common areas, created vacancy, and f
- Conveniently situated ±3 miles NE of Downtown Detroit, across Jefferson Avenue from Belle Isle ±2.5 miles SW of Stellantis Jefferson Plant, and ±4 mil
- Just east of the retail corridor along Jefferson Ave, which connects to Downtown Detroit
Property Facts
| No. Units | 72 | Building Size | 46,969 SF |
| Property Type | Multifamily | Average Occupancy | 92% |
| Property Subtype | Apartment | No. Stories | 4 |
| Apartment Style | Mid-Rise | Year Built | 1950 |
| Building Class | C | Parking Ratio | 0.57/1,000 SF |
| Lot Size | 0.85 AC | ||
| Zoning | R5 - Medium Density Residential District | ||
| No. Units | 72 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.85 AC |
| Building Size | 46,969 SF |
| Average Occupancy | 92% |
| No. Stories | 4 |
| Year Built | 1950 |
| Parking Ratio | 0.57/1,000 SF |
| Zoning | R5 - Medium Density Residential District |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Tub/Shower
- Smoke Free
Site Amenities
- 24 Hour Access
- Courtyard
- Laundry Facilities
- Gated
- Furnished Units Available
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 19 | - | 450 |
| 1+1 | 43 | - | 500 |
| 2+1 | 10 | - | 650 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $1,280,100 |
Property Taxes
Parcel Numbers
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,280,100
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