17169 Washburn St, Detroit, MI 48221

2 Specialty Properties Offered at $17,331,700 in Detroit, MI

Asking Price $17,331,700

Property Type: Specialty
Square Feet: 2,989 SF

Listing Contacts

Tom Johnston

Property Overview

SVN | SFRhub Advisors is pleased to present to qualified investors this 185-home SFR portfolio scattered about Detroit, Michigan. The portfolio includes 179 single-family detached homes and 3 duplexes containing 6 units. The seller has been purchasing the homes since 2008 and has performed significant renovations in the absence of tenants or during turnovers while providing cosmetic improvements on homes that have remained occupied. As improvements have been made, the seller has deployed similar color schemes, flooring, window coverings, and fixtures in each of the homes. The portfolio is managed by a local professional property management company, which has maintained the homes in quality condition. The portfolio contains 69 Section 8 homes, providing an investor with guaranteed income through government subsidies. All of the homes are certified rentals through the local housing authority. The majority of the homes are clustered along the Eight Mile Road between I-75 and Telegraph Road. There are several homes located along Eight Mile Road east of I-75 near Connor Creek, Eastpointe, and Harper Woods. These homes were constructed between 1925 and 1960 with an average vintage of 1933. The properties include 13 – two bedroom, 165- three bedroom, and 7 – 4 bedroom homes. The dwellings range in size from 688 – 1,600 square feet, with an average size of 1,072 square feet. The portfolio is currently 97% leased to fully vetted tenants. The seller as actively leasing the vacant homes. There are no delinquencies within the portfolio. The average rent is $872 per month and are 20% below current market rents, providing an investor with increased cash flow as leases expire. The seller has been successful in raising the rents to the market rate over the first half of 2022. According to John Burns Real Estate Consulting, rents in Detroit have increased 8.2% YoY and are on pace to grow by 3.2% through 2022. Home values are up 12.7% YoY with anticipated growth of 6.1% through 2022. Median home prices in Detroit are $148,000, more than 70% higher than the average price of $93,685 in this portfolio. This portfolio has an attractive Year 1 cap rate of 8.77% with a gross yield of 13.82%.
Visit www.SFRhub.com and search for portfolio 101157 for more information.
Contact:
TOM JOHNSTON
Director of Brokerage Services
SVN | SFRhub Advisors
T: 602.825.1780
C: 602.403.3695
[email protected]

Highlights

Portfolio consists of 179 single-family detached homes and 3 duplexes containing 6 units
Average home size is 1,072 square feet
Mix of two, three and four bedroom homes
Asking price is 37% below the current median home price in Detroit
Portfolio is professionally managed by a local property management firm
97% leased to fully vetted tenants

All available spaces

Space
Size: 1,463 SF
Space Subtype: Specialty

Space
Size: 1,526 SF
Space Subtype: Specialty

Nearby Properties

$17,331,700

185 SFR Detroit Investment Portfolio

2 Specialty Properties Offered at $17,331,700 in Detroit, MI

17169 Washburn St
Detroit, MI 48221

View Details
$175,000

Former Burt Elementary School

49,750 SF Specialty Building Offered at $175,000 in Detroit, MI 48223

20710 Pilgrim St
Detroit, MI 48223

View Details
$750,000

Citgo

2,630 SF | Retail Building | Detroit, MI 48219 | $750,000 ($285/SF) | 3.70% Cap Rate

20121 Mcnichols Rd
Detroit, MI 48219

View Details
Detroit Gas Stations - 5 Locations

5 Retail Properties in Multiple Locations

20121 Mcnichols Rd
Detroit, MI 48219

View Details
$1,000,000

Citgo

1,400 SF | 100% Leased | Retail Building | Detroit, MI 48219 | $1,000,000 ($714/SF) | 7.22% Cap Rate

19830 Mcnichols Rd
Detroit, MI 48219

View Details
$2,188,034

Popeyes | 5.85% Cap | 20YR NNN Lease

3,636 SF | Retail Building | Detroit, MI 48227 | $2,188,034 ($602/SF) | 5.85% Cap Rate

17700 Grand River Ave
Detroit, MI 48227

View Details
$725,000

Clark

1,552 SF | Retail Building | Detroit, MI 48223 | $725,000 ($467/SF) | 4.94% Cap Rate

19444 Schoolcraft Ave
Detroit, MI 48223

View Details

Similar Properties

$17,331,700

185 SFR Detroit Investment Portfolio

2 Specialty Properties Offered at $17,331,700 in Detroit, MI

17169 Washburn St
Detroit, MI 48221

View Details
$17,328,000

Major price reduction

60,800 SF | 100% Leased | Industrial Building | Fontana, CA 92337 | $17,328,000 ($285/SF)

13203-13215 Marlay Ave
Fontana, CA 92337

View Details
$17,350,000

The Val Anne

49 Unit Apartment Building | $17,350,000 ($354,082/Unit) | 4.18% Cap Rate | Seattle, WA 98109

800 Queen Anne Ave
Seattle, WA 98109

View Details
$17,306,250

53,250 SF | Industrial Building | Torrance, CA 90503 | $17,306,250 ($325/SF)

20555 Earl St
Torrance, CA 90503

View Details
$17,300,000

Wheatley Hollow Garden Apartments

72 Unit Apartment Building | $17,300,000 ($240,278/Unit) | Wyandanch, NY 11798

50 Colonial Springs Rd
Wyandanch, NY 11798

View Details
$17,300,000

The Clark Building

62,850 SF | Vacant | Office Building | Bothell, WA 98021 | $17,300,000 ($275/SF)

3700 Monte Villa Pkwy
Bothell, WA 98021

View Details
$17,383,800

Market Plaza

153,264 SF | 82% Leased | Retail Building | Oklahoma City, OK 73132 | $17,383,800 ($113/SF) | 8.25% Cap Rate

6925 Expressway
Oklahoma City, OK 73132

View Details

FAQ

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?: Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?: Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker: We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
What is the difference between Tier 1 & Tier 2 in the Due Diligence Vault?: Documents that are placed in a Tier-1 Due Diligence vault require the execution of a Confidentiality Agreement (“CA”) for access. Documents and folders placed in the Tier-2 vault are intended to have an added layer of security and require the execution of a CA in addition to required Broker approval for access.
How do I unsubscribe from emails?: At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].