101267 Home Sfr Detroit Mi Detroit, MI 48227

Property Details for 101267 Home Sfr Detroit Mi

Year built

1940

Property size

62,503 SF

Property type

Residential income homes

Description

This exceptional 54-unit single-family rental portfolio in Detroit, MI, presents a compelling investment opportunity. Comprising 52 single-family detached homes and one duplex, this stabilized portfolio boasts a 98% occupancy rate and a substantial net operating income (NOI) of $402,151, projected to increase to $408,373. The portfolio features a mix of two-, three-, four-, and five-bedroom homes, ranging in size from 714 to 2,510 square feet, with an average of 1,157 square feet. Built between 1919 and 1963 (average 1940), these homes benefit from significant renovations and cosmetic improvements. A local property management company ensures quality maintenance. Importantly, 38 units are Section 8, providing guaranteed income. Currently, the average rent is $866 per month, 10% below market rates, offering significant upside potential. The portfolio sits on a substantial 258,311 square foot lot and totals 62,503 square feet of rentable space. With an asking price of $4,400,000 ($81,481 per unit and $70.40 per square foot), this portfolio offers a compelling 9.14% cap rate, projected to reach 9.28% in year one. The property is offered fee simple. This represents a significant discount compared to the Wayne County median home price, presenting a strong value proposition for discerning investors. The portfolio's location within the Detroit metropolitan area, known for its economic resurgence and affordable housing market, further enhances its long-term investment prospects.