Shelborne Square Apartments

Shelborne Square Apartments
Under Contract | $2,250,000Price Reduced

Detroit, MI | Units: 64 | Price Per Unit: $35,156 | Avg Sq Ft: 1,109 | GRM: 3.86 | DSC: 1.90 | Cash Flow: 106,525.00 | Year 1 ROI: 13.53% | Listing Agent: Greg Coulter

Location

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. 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.