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    1020-1060 Alter Rd Dearborn Heights, MI 48125

    Sponsored
    For Sale
    Contact for pricing

    62-unit multifamily, high occupancy, strong NOI.

    Property size:
    32,320 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional investment opportunity presents The Bridge Apartments, a 62-unit multifamily property located at 1020-1060 Alter Rd in Detroit, Michigan, bordering Grosse Pointe Park. Built in 1926, this property comprises four buildings totaling 32,320 square feet on a 0.685-acre lot (APN: 21-062699

    Property Features for 1020-1060 Alter Rd

    General Information

    Property type
    Multifamily properties
    Square Feet
    32,320 SF
    Lot Size
    29,839 SF

    Building Details

    Year Built
    1926
    Buildings
    4
    Units
    62

    HighLights

    • 62‑unit multifamily property, fully renovated.
    • Unit mix: 22 studios, 38 one‑bedroom, and 2 two‑bedroom units.
    • Stable occupancy rates.
    • Consistent rent growth.
    • Adjacent to $45M Schaap Arts Center development.
    • One block from Grosse Pointe Municipal Complex.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Map

    City
    Dearborn Heights
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2639812
    Latitude
    42.277306

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    FAQs

    What type of property is this?
    Multifamily property - 62-unit multifamily, high occupancy, strong NOI.
    Where is this multifamily property located?
    The property is located at 1020-1060 Alter Rd Dearborn Heights, MI.
    What are key features of this property?
    This property features: 62-unit multifamily property, fully renovated.; Unit mix: 22 studios, 38 one-bedroom, and 2 two-bedroom units.; Stable occupancy rates.
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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
    1020-1060 Alter Rd Dearborn Heights, MI 48125
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