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Shelborne Square Apartments 8931 Mount Elliott St 64 Unit Apartment Building $2,500,000 ($39,063/Unit) 9.01% Cap Rate Detroit, MI 48211
Executive Summary
Shelbourne Square Apartments consists of 64 units: 2 one-bedroom, one-bath units, each measuring 824 square feet, 58 two-bedroom, two-bath units, each
measuring 1,100 square feet, and 4 three-bedroom, two-bath units, each measuring 1,380 square feet. The complex is currently 89.1% occupied. Shelborne Apartments offers affordable, quiet living with a community feel.
IPO has projected a Year 1 NOI of $225,244 based on street rents, while accounting for a vacancy factor consistent with historical trends. This NOI also includes a market rate management fee of 5%, a $250 replacement reserve, and operational expenses that are consistent with the historical trends and market averages.
The property was developed in 2006 as a Low-Income Housing Tax Credit (LIHTC) property. The Regulatory Agreement was amended on 10/21/21 and will run in perpetuity.
26 units will be rented to families whose income does not exceed 35% of AMI.
38 units will be rented to families whose income does not exceed 60% of AMI.
measuring 1,100 square feet, and 4 three-bedroom, two-bath units, each measuring 1,380 square feet. The complex is currently 89.1% occupied. Shelborne Apartments offers affordable, quiet living with a community feel.
IPO has projected a Year 1 NOI of $225,244 based on street rents, while accounting for a vacancy factor consistent with historical trends. This NOI also includes a market rate management fee of 5%, a $250 replacement reserve, and operational expenses that are consistent with the historical trends and market averages.
The property was developed in 2006 as a Low-Income Housing Tax Credit (LIHTC) property. The Regulatory Agreement was amended on 10/21/21 and will run in perpetuity.
26 units will be rented to families whose income does not exceed 35% of AMI.
38 units will be rented to families whose income does not exceed 60% of AMI.
Property Facts
| Price | $2,500,000 | Building Class | B |
| Price Per Unit | $39,063 | Lot Size | 3.46 AC |
| Sale Type | Investment | Building Size | 69,000 SF |
| Cap Rate | 9.01% | Average Occupancy | 89% |
| No. Units | 64 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 2006 |
| Property Subtype | Apartment | Parking Ratio | 2.08/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | M2 | ||
| Price | $2,500,000 |
| Price Per Unit | $39,063 |
| Sale Type | Investment |
| Cap Rate | 9.01% |
| No. Units | 64 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 3.46 AC |
| Building Size | 69,000 SF |
| Average Occupancy | 89% |
| No. Stories | 2 |
| Year Built | 2006 |
| Parking Ratio | 2.08/1,000 SF |
| Zoning | M2 |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
- Freezer
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Picnic Area
- Playground
- Property Manager on Site
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | - | 824 |
| 2+2 | 58 | - | 1,100 |
| 3+2 | 4 | - | 1,380 |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 13-009635 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $2,521,000 |
Property Taxes
Parcel Number
13-009635
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$2,521,000
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Shelborne Square Apartments | 8931 Mount Elliott St
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