9901 Wyoming St, Detroit, MI 48204
17 Unit Apartment Building | $749,000 ($44,059/Unit) | Detroit, MI 48204
For Sale
Active
Asking Price $749,000
- Property Type
-
Multifamily
- Square Feet
- 10,628 SF
Listing Contacts
- Property Info
Property Overview
Global Real Estate Advisors are pleased to present the exclusive offering of 9901 Wyoming, a stabilized, 17-unit multifamily property in Detroit. This turn-key investment property was built in 1960 and since has been renovated over the past few years, including a new boiler system, new hot water tank, updated plumbing and heating lines, a new laundry and storage room. More than 70% of the units have been upgraded as well. The property consists of fifteen one-bedroom units and two studio units, with each unit including a refrigerator, stove, A/C unit, and a balcony or patio. As of the end of January 2024, the property has only one vacancy, with an average rent of about $750. The deal comes with substantial rental upside, as just about half of the tenants are well-below market rents. There is also operational income potential by implementing a utility reimbursement program
Property Details
- Class
- C
- Year Built/Renovated
- 1960/2013
- Stories
- 2
- Lot Size (sq. ft)
- 14,375 SF
- Units
- 17
Highlights
- private patio / balcony
- 70-75% of units have been renovated
- Recent Capital Expenditures
- Continued Value-Add Opportunities
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