Shelborne Square Apartments – INCOME PROPERTY ORGANIZATION

Shelbourne Apartments (2)

Shelborne Square Apartments

Available | $2,500,000

8931 Mount Elliott Street, Detroit, MI 48211
Property Type: Multifamily
Total Number of Units: 64
Average Square Feet: 1,109
Price Per Unit: $39,063
Gross Rent Multiplier: 4.28
Expense to Income Ratio: 61.40%
Debt Service Coverage: 1.71
Year One ROi: 10.67%

Listing Agent: Greg Coulter

Location

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. Currently 89.1% occupied, Shelborne Apartments offers affordable, quiet living with a community feel.

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.

MEET OUR TEAM

Founder | Managing Member, Michigan | Sales Associate, Kentucky

Associate Broker, Michigan | Broker, Illinois

A.J. Beachum, J.D.

Associate Broker, Michigan | Broker, Ohio

Associate Broker, Michigan | Managing Broker, Indiana

Sales Associate, Michigan, Ohio, & Kentucky

Sales Associate, Michigan

Paul McHugh, J.D.

Managing Broker, Kentucky | Associate Broker, Ohio | Sales Associate Michigan

Associate Broker, Michigan | Executive Assistant

Managing Broker, Florida | Broker, Indiana | Sales Associate, Michigan & Ohio

Sales Associate, Michigan & Ohio