13535 La Salle Blvd Detroit, MI 48238

Property Details for 13535 La Salle Blvd

Year built

1929

Lot size

0.19 lot acres

Property size

11,075 SF

Property type

Commercial real estate

APN

W10I008797S

Description

This exceptional value-add opportunity presents a 19-unit apartment building in Detroit, Michigan. The property, located at 13535 La Salle Blvd, boasts 11,075 square feet on a 0.19-acre lot and features a mix of 14 one-bedroom, 1 two-bedroom, and 4 studio units. Recently renovated in 2024, the building includes a new boiler, updated hallways and common areas, a newer Spanish clay tile roof, and newer windows. Significant capital improvements totaling $250,000 have been completed. Each unit has its own electric meter, and tenant parking is available. The building's current occupancy is 50%, with a projected occupancy date of August 1, 2024. The current Net Operating Income (NOI) is $66,565, with a pro-forma NOI of $114,708, resulting in a pro-forma cap rate of 11.47%. The asking price is $999,990, representing a price per unit of $52,631.05 and a price per square foot of $90.29. All tenants are in good standing, and the current management offers a one- or two-year transition agreement. The property's convenient location near major highways provides easy access to Wayne State University and Downtown Detroit. This meticulously maintained, full-brick building presents a rare opportunity for investors seeking strong returns in a desirable Detroit location. The property is zoned for Commercial and Multifamily use. The building was originally constructed in 1929 and sits on a lot with APN W10I008797S.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Longitude

-83.119522286494

Latitude

42.394749779827