Portfolio of Properties in Detroit’s New Center district presents unique opportunity in high growth area
Bloomfield Hills, Mich. – May 11, 2017—Income Property Organization, a customized brokerage services company, is announcing the offering of a portfolio of properties located in the New Center district of Detroit that includes two apartment communities and one single-family home, with a total of 89 units.
The portfolio being offered can be split and all offers will be entertained. Deadline for bids on this portfolio is June 15, 2017.
The New Center site is home to various development projects, including the Penske Tech Center, the Henry Ford Hospital expansion, and the St. Regis loft conversion.
The offering of the portfolio, which includes 80 Seward Apartments, a 47-unit apartment community, and Hazelwood Manor Apartments, a 41-unit apartment community, are within short walking distance of the new M1 Rail Line and less than a half mile from one another. The owner is 80 Seward LLC of Keego Harbor, Mich.
Also included in the portfolio is a four-bedroom single-family home.
“Each of the apartment properties are poised for explosive growth, with the New Center area continuing to experience an influx of development dollars,” says Greg Coulter, broker/managing member.
The portfolio is approximately 98 percent occupied and will provide cash flow from the onset.
While the portfolio is “unpriced,” Income Property Organization, which is handling the marketing on an exclusive basis, is confident that a bidder will have the opportunity to acquire nearly 90 units in the New Center area of Detroit at below market rental rates.
80 Seward Apartments
The Seward Apartments have a somewhat balanced unit mix with 27 studio and 20 one-bedroom units. Amenities include on-site laundry, and telecom/secure entry. While current units have plenty of charm, they do lack the interior amenities premium tenants seek, which accounts for the fact that rental rates are substantially below upgraded properties in the area.
Because the infrastructure to support upgrades is already in place, the value-add opportunity lies in upgrading these units at very attractive price points.
Hazelwood Manor Apartments
This property has seen considerable investment over the past few years, with the current owner investing more than $800,000 in capital. Improvements include installation of all new windows, exterior steel doors/locksets, front fencing and gates, state-of-the-art security cameras, a new front awning and a new gutter system.
More than 50 percent of the units have been rehabbed and about 75 percent of appliances in the units have been replaced. There is a new boiler, roof and elevator systems installed.
Adjoining the building is a 1,663-square-foot house that has been renovated and there is a vacant parcel of land across the street from the complex that can provide an additional parking solution.
The complex is located less than two blocks to the west of Woodward and less than a mile from Henry Ford Hospital and Grand Boulevard.
Income Property Organization in Bloomfield Hills, Mich. offers customized brokerage services that are designed to meet the specific needs of a wide range of clients — private owners as well as institutional investors — who want to buy or sell income property. To learn more or inquire about multifamily investment opportunities, contact Greg Coulter at (248) 932-0300.