Please read this entire listing prior to contacting me with questions as they may be already answered below:
Here for sale is a fully occupied 8 unit brick apartment building on the west side of Detroit. This property has 8 two bedroom apartments with 1 bathroom in each unit. All tenants are current and up to date with payments. The hot water tank and furnace is in each unit and utilities are paid by each individual tenant. The owner is responsible for only the cold water. New security cameras have been installed on the property.
This is a great investment opportunity for someone looking for a positive cash flowing property with very little management needed. This is perfect for an out of state/country investor.
Insurance: $280p/m or $3,360p/yr
Water: $160p/m or $1,920p/yr
Property Management: 8% of the monthly rent
We will provide owner Estoppel certifying the rent roll
The building was 75% occupied for the past 7 years, since taking it over the owner evicted all the previous tenants and made some renovations. It has been at 100% occupancy since then. There is no coin laundry on site.
THIS IS TENANT OCCUPIED!!! RENTAL RATE IS $600.00/MO per unit.
PLEASE DO NOT DISTURB THE TENANTS!! ALL RENT ROLLS AND LEASES WILL BE PROVIDED UPON ACCEPTED OFFER AND DEPOSIT. I AM PARTNERING WITH THE BROKER ON THIS.
Asking price: $200,000.00/obo
Deposit: $12,000.00 – only refundable if the seller does not close. 10 day inspection period. This is not for seller financing this is strictly to hold the property in escrow during your due diligence period.
Estimated Rehab: Flat asphalt roof, refinished 2 years ago, could stand some updates but is currently renting as is.
Annual taxes: $2,255.00
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