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Schaefer Manor Apartments 8207 Schaefer Hwy 40 Unit Apartment Building $2,800,000 ($70,000/Unit) 10% Cap Rate Detroit, MI 48228
Executive Summary
Renovated 40-unit brick apartment complex (four 2-story connected buildings with 10 units in each building). There are 36 1-bed 1-bath and 4 2-bed 1-bath situated on a 27,007 sf site. Current occupancy 90%. Property is at a 10%+ cap rate with add value. Nice curb appeal, high demand building near Dearborn. Two Boilers and roof updated, newer windows. Clean environmental report. Rear and side parking lot for tenants, with a security system. Property manager in place that is transferable. Ideal opportunity for cash buyer or bank financing.
Property Facts
| Price | $2,800,000 | Apartment Style | Low-Rise |
| Price Per Unit | $70,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.62 AC |
| Cap Rate | 10% | Building Size | 35,726 SF |
| No. Units | 40 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1957 |
| Zoning | Multi-family | ||
| Price | $2,800,000 |
| Price Per Unit | $70,000 |
| Sale Type | Investment |
| Cap Rate | 10% |
| No. Units | 40 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.62 AC |
| Building Size | 35,726 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1957 |
| Zoning | Multi-family |
Amenities
Unit Amenities
- Heating
- Kitchen
- Oven
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 36 | - | 600 |
| 2+1 | 4 | - | 800 |
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Moderately walkable
60/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 22-03120-719 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $882,200 |
Property Taxes
Parcel Number
22-03120-719
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$882,200
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Schaefer Manor Apartments | 8207 Schaefer Hwy
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