17435 Manderson Rd Highland Park, MI 48203
- Commercial real estate
Current Use by Public Records
- Commercial real estate
Property Details for 17435 Manderson Rd
- Year built
- 2022
- Property type
- Commercial real estate
Description
This exceptional multifamily investment opportunity comprises two recently renovated apartment buildings located in Detroit's desirable Palmer Park neighborhood. The portfolio consists of 63 units, offering a mix of studio, one-bedroom, and two-bedroom apartments. Building one, located at 17435-17529 Manderson Rd, features 39 units (1 studio, 34 one-bedroom, and 4 two-bedroom) ranging from 575 to over 850 square feet. Building two, situated at 17765 Manderson Rd, includes 24 units (8 one-bedroom and 15 two-bedroom) with sizes between 800 and 1,050 square feet. Both buildings boast modern, updated interiors featuring central heat and air conditioning, stainless steel appliances, and updated kitchens. Currently 100% occupied, the portfolio offers a compelling investment opportunity with a strong cash flow. Building one has a sale price of $3,500,000, generating a gross income of $489,600 and a net operating income (NOI) of $303,858, resulting in an 8.7% cap rate. Building two is priced at $2,500,000, with a gross income of $310,900 and an NOI of $189,805, yielding a 7.6% cap rate. Amenities include high-speed internet access, Wi-Fi, and smoke-free environments. The properties are available for purchase individually or as a portfolio. This is a rare chance to acquire a high-performing, fully renovated multifamily asset in a thriving Detroit location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Highland Park
- County
- Wayne
- State
- Michigan
- Longitude
- -83.116547
- Latitude
- 42.41948
