Current Use by Public Records
- Apartment buildings
Property Details for 77 Great Lakes St
- Property type
- Apartment buildings
Description
This stabilized, 28-unit apartment building in River Rouge, Michigan, presents a compelling investment opportunity. Located at 77 E Great Lakes St, this three-story Class C property boasts a 95% occupancy rate, generating a current NOI of $97,806 and a 7.59% cap rate. The pro-forma NOI is projected at $121,957, resulting in a 9.47% pro-forma cap rate. The asking price is $1,288,000, or $46,000 per unit, and the price per square foot is $73.60. The building comprises four studio and 24 one-bedroom, one-bathroom units, with an average monthly rent of $621. While current rents are below market average, recent turnover shows potential for significant rent increases without unit upgrades. Utilities are a mix of tenant and owner responsibility (water/sewer, gas, and trash are included). Significant capital improvements have been made over the past 30 years, including a new roof and boiler (within the last 5 years), updated windows (less than 10 years old), and updated electrical panels. Additional income is generated from on-site resident storage and coin-operated laundry facilities. The property's prime location across from Memorial Park and near Jefferson Ave and I-75 offers convenient access to public transportation and major roadways. This property offers a strong foundation for immediate cash flow and significant future value appreciation through strategic rent increases.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- River Rouge
- County
- Wayne
- State
- Michigan
- Longitude
- -83.1344
- Latitude
- 42.2672
