101622 Home Sfr Redford Charter Township, MI 48239

Property Details for 101622 Home Sfr

Year built

1949

Property size

32,074 SF

Property type

Residential income homes

Description

This exceptional investment opportunity presents a portfolio of 36 single-family rental homes in Detroit, MI, currently comprising 31 units (with 4 homes in escrow). The portfolio features a mix of 29 single-family detached homes and one duplex, offering a total of 32,074 square feet of net rentable space across 36 buildings situated on a 179,032 square foot lot. Built between 1929 and 1970, with an average construction year of 1949, the homes range in size from 692 to 1,098 square feet, averaging 898 square feet. Currently, the portfolio boasts a 73% occupancy rate, generating a Net Operating Income (NOI) of $296,074, with a projected NOI of $301,596 after stabilization. The asking price is $2,876,400, translating to $79,900 per unit and $89.68 per square foot. The current average rent is $1,071 per month, slightly below market rate, offering significant upside potential. Over $500,000 in capital improvements have been made since 2018, including new roofs, windows, HVAC systems, foundation repairs, sewer lines, exterior paint, kitchen and bath remodels, flooring, appliances, and water heaters. The majority of units are Section 8 compliant, and all properties are registered with the city as certified rentals. This portfolio presents a compelling investment with a current cap rate of 10.29% and a pro-forma cap rate of 10.49%, situated in close proximity within two zip codes (48239). The portfolio is located primarily in Detroit, with five homes in Redford Charter Township. The seller has implemented a security system to protect properties during tenant turnover. This is a fee simple ownership opportunity.