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    17435 Manderson Rd Highland Park, MI 48203

    Sponsored
    For Sale
    Contact for pricing

    63 Units, High Occupancy, Excellent ROI

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional multifamily investment opportunity comprises two recently renovated apartment buildings located in Detroit's desirable Palmer Park neighborhood. The portfolio consists of 63 units, offering a mix of studio, one-bedroom, and two-bedroom apartments. Building one, located at 17435-17529 Manderson Rd, features 39 units (1 studio, 34 one-bedroom, and 4 two-bedroom) ranging from 575 to over 850 square feet. Building two, situated at 17765 Manderson Rd, includes 24 units (8 one-bedroom and 15 two-bedroom) with sizes between 800 and 1,050 square feet. Both buildings boast modern, updated interiors featuring central heat and air conditioning, stainless steel appliances, and updated kitchens. Currently 100% occupied, the portfolio offers a compelling investment opportunity with a strong cash flow. Building one has a sale price of $3,500,000, generating a gross income of $489,600 and a net operating income (NOI) of $303,858, resulting in an 8.7% cap rate. Building two is priced at $2,500,000, with a gross income of $310,900 and an NOI of $189,805, yielding a 7.6% cap rate. Amenities include high-speed internet access, Wi-Fi, and smoke-free environments. The properties are available for purchase individually or as a portfolio. This is a rare chance to acquire a high-performing, fully renovated multifamily asset in a thriving Detroit location.

    Property Features for 17435 Manderson Rd

    General Information

    Property type
    Multifamily properties
    Class
    B

    Building Details

    Year Built
    2022
    Stories
    2
    Units
    63

    HighLights

    • 17435‑17529 Manderson Rd, Detroit, MI, Palmer Park neighborhood.
    • 39‑unit multifamily property with a mix of studio, one-, and two‑bedroom units ranging from 575 to 850+ sq ft.
    • Recently renovated (2022/2023), offered at $3,500,000.
    • Generating $489,600 gross income and $303,858 NOI, resulting in an 8.7% cap rate and a $89,744 per‑unit price.
    • Amenities include high‑speed internet, Wi‑Fi, A/C, smoke‑free environment, cable readiness, intercom system, and stainless steel appliances.
    • 17765 Manderson Rd, Detroit, MI, Palmer Park neighborhood.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Highland Park
    County
    Wayne
    State
    Michigan
    Longitude
    -83.116547
    Latitude
    42.41948

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    FAQs

    What type of property is this?
    Multifamily property - 63 Units, High Occupancy, Excellent ROI
    Where is this multifamily property located?
    The property is located at 17435 Manderson Rd Highland Park, MI.
    What are key features of this property?
    This property features: 17435-17529 Manderson Rd, Detroit, MI, Palmer Park neighborhood.; 39-unit multifamily property with a mix of studio, one-, and two-bedroom units ranging from 575 to 850+ sq ft.; Recently renovated (2022/2023), offered at $3,500,000.
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    17435 Manderson Rd Highland Park, MI 48203
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    Highland Park, MI 48203
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    17435 Manderson Rd Highland Park, MI 48203
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