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Alden Towers 8100-8106 E Jefferson Ave 389 Unit Apartment Building $25,000,000 ($64,267/Unit) Detroit, MI 48214
Investment Highlights
- Prime riverfront location with panoramic skyline and water views | Minutes from Downtown Detroit and directly across from Belle Isle Park
- 100% Seawall Replacement (400’ of Seawall) | Full modernization of all eight elevators and shafts | 389 total units | 20 units fully renovated
- New boilers, domestic hot water systems & 100% of Steam Traps in all 389 Units Replaced | Structural restoration of 26 garage columns
- Excellent connectivity to major employers, retail, and entertainment | Situated within the vibrant Gold Coast – one of Detroit’s most desirable reside
- Partial Brick, Limestone Restoration and Window replacement on Tower D | Lobby renovation and new fitness equipment
- Renovated units achieving $250 rent premiums | Upgraded kitchens, cabinets & countertops | New stainless-steel appliances
Executive Summary
Broker of Record
Matt Fitzgerald
License # 6505432273 (MI)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Matt Fitzgerald
License # 6505432273 (MI)
Matthews Real Estate Investment Services, Inc
1600 West End Ave, Ste. 1500 Nashville, TN 37203
(866) 889-0550
Property Facts
| Price | $25,000,000 | Building Class | C |
| Price Per Unit | $64,267 | Lot Size | 3.40 AC |
| Sale Type | Investment | Building Size | 384,217 SF |
| Gross Rent Multiplier | 4.75 | No. Stories | 8 |
| No. Units | 389 | Year Built/Renovated | 1922/2017 |
| Property Type | Multifamily | Parking Ratio | 0.99/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid-Rise | ||
| Zoning | R6 - Residential Commercial Zoning | ||
| Price | $25,000,000 |
| Price Per Unit | $64,267 |
| Sale Type | Investment |
| Gross Rent Multiplier | 4.75 |
| No. Units | 389 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 3.40 AC |
| Building Size | 384,217 SF |
| No. Stories | 8 |
| Year Built/Renovated | 1922/2017 |
| Parking Ratio | 0.99/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R6 - Residential Commercial Zoning |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Bay Window
- Ceiling Fans
- Hardwood Floors
- High Speed Internet Access
- Stainless Steel Appliances
- Views
- Walk-In Closets
- Carpet
- Patio
Site Amenities
- 24 Hour Access
- Controlled Access
- Clubhouse
- Courtyard
- Fitness Center
- Laundry Facilities
- Pool
- Property Manager on Site
- Tenant Controlled HVAC
- Waterfront
- Gated
- Grill
- Laundry Service
- Bicycle Storage
- Community-Wide WiFi
- Maintenance on site
- Online Services
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 70 | - | 300 - 350 |
| 1+1 | 168 | - | 650 - 900 |
| 2+1 | 37 | - | 810 - 1,030 |
| 2+1.5 | 52 | - | 860 |
| 2+2 | 56 | - | 1,030 - 1,600 |
| 3+2 | 1 | - | 1,600 |
| 3+3 | 5 | - | 1,600 - 1,879 |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Some public transit
40/100
Moderately bikeable
70/100
Property Taxes
| Parcel Number | 17-000014 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $15,979,800 |
Property Taxes
Parcel Number
17-000014
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$15,979,800
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Alden Towers | 8100-8106 E Jefferson Ave
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