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Midtown Receivership Sale 2 Multifamily Properties in Detroit, MI
EXECUTIVE SUMMARY
Receivership Sale, subject to Court Approval
Sheridan Court Apartments is operating at 83.87% occupancy & 93.54% preleased. It boasts 17 studio apartment homes, each measuring 485 square feet, 69
one-bedroom and one-bath apartment homes, each measuring 715 square feet, 4 two-bedroom and one-bath apartment homes, each measuring 1,005 square feet, and 3
commercial spaces, each measuring 1,477 square feet. Sheridan Court was originally built in 1923, renovated in 2019. Sheridan Court has received substantial upgrades in 2024
including a new boiler, modern LED lighting, unit renovations, fire exit doors, and landscaping.
Wellesley Apartments is operating at 78.57% occupancy & 89.28% preleased. It boasts 15 studio apartment homes, each measuring 535-600 square feet, and 13 one-bedroom and one-bath apartment homes, measuring 750-770 square feet. Wellesley Apartments were built in 1919. Additional upgrades to the Wellesley include a new roof, newer boiler, and updated apartment unit renovations in 2024.
Sheridan Court Apartments is operating at 83.87% occupancy & 93.54% preleased. It boasts 17 studio apartment homes, each measuring 485 square feet, 69
one-bedroom and one-bath apartment homes, each measuring 715 square feet, 4 two-bedroom and one-bath apartment homes, each measuring 1,005 square feet, and 3
commercial spaces, each measuring 1,477 square feet. Sheridan Court was originally built in 1923, renovated in 2019. Sheridan Court has received substantial upgrades in 2024
including a new boiler, modern LED lighting, unit renovations, fire exit doors, and landscaping.
Wellesley Apartments is operating at 78.57% occupancy & 89.28% preleased. It boasts 15 studio apartment homes, each measuring 535-600 square feet, and 13 one-bedroom and one-bath apartment homes, measuring 750-770 square feet. Wellesley Apartments were built in 1919. Additional upgrades to the Wellesley include a new roof, newer boiler, and updated apartment unit renovations in 2024.
PROPERTY FACTS
| Sale Type | Investment | Individually For Sale | 0 |
| Status | Active | Total Building Size | 169,130 SF |
| Number of Properties | 2 | Total Land Area | 1.74 AC |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 2 |
| Individually For Sale | 0 |
| Total Building Size | 169,130 SF |
| Total Land Area | 1.74 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
|
Sheridan Court Apartments
4401-4417 2nd Ave, Detroit, MI 48201 |
Multifamily | 84,565 SF | 1919 | - |
|
Wellesley Apartments
651 W Hancock St, Detroit, MI 48201 |
Multifamily | 84,565 SF | 1919 | - |
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