Property tours are available by appointment ONLY. Please contact Nick Kirby to schedule at Nick@CommercialPA.Com or 248.394.0000 Ext. 255. Investment Highlights: Value-add low-rise garden apartments in Detroit, MI Affordable housing with 83% occupancy Current rents averaging $582 monthly with proforma NOI of $107k Located on a main bus route and within walking distance to retail POI Convenient freeway access (1 mile to Southfield Freeway and 2 miles to 96 Freeway) Investment Overview: Alexander Court Apartments is a 36-unit, low-rise, garden style apartment complex located at 9331-9385 and 9344-9384 Rutherford Street, in Detroit, MI. Alexander Court Apartments offers affordable, 850 SF, two bedroom apartments in a tree lined neighborhood setting. The Property is comprised of two, 2-story buildings, on 1.63 AC with 30,600 SF of rentable area. Interior unit amenities include in wall AC units, range oven, refrigerator, garbage disposal, and carpet and community amenities include outdoor parking, nicely landscaped, open courtyard, and common entries. The property is currently 83% occupied with rents averaging $582 monthly.
This property presents a large value-add opportunity through lease-up and future increases at market rates with proforma NOI estimated at $107,071. Alexander Court Apartments is located in the Grandale neighborhood within Detroit. The Property is located just minutes from downtown Detroit, close to schools, shopping, businesses, entertainment and an assortment of recreational activities. The Property is conveniently located on the bus route and walking distance to the local grocery store. Alexander Court is less than 1 mile from the Southfield Freeway and approximately 2 miles from the 96 Freeway. Through a coalition of some of Detroit's largest employers, worldwide investors, as well as passionate and driven city leaders, Detroit's revival has become an unprecedented success story. The buzz and excitement generated by Detroit's "Live Downtown", has attracted thousands of new residents that are seeking housing in the Detroit core, which are sending apartment rents soaring and vacancy rates to historic lows.
