$525,000 DETROIT. Block Of 20 Apartments. 12.5% Net Yield

  • Price: 525000.00 $
  • Bedrooms: 20
  • Bathrooms: 20

Located in an area where apartment blocks are in high demand about 20 minutes from downtown Detroit.

Built in 1965, this 3 storey building comprises 22 one bedroom apartments and totals 11,500 square feet.

The 12 apartments on the upper two floors have been refurbished to a high standard in recent years and are fully let to private tenants. The lower floor comprises 8 apartments which require refurbishment. This can be done at a cost of $100,000.

FINANCIALS:

PURCHASE PRICE AS-IS:       $425,000

COST TO RENOVATE UNITS:  $100,000

TOTAL INVESTMENT:             $525,000

Each unit is /will be let at $525 per month.

TOTAL GROSS INCOME:         $126,000

Less: 10% vacancy:                $12,600

EFFECTIVE GROSS INCOME:    $113,400

EXPENDITURE:

Management Fees:          $18,900

Insurance:                       $5,412

Legal/Professional:               $600

Trash collection:                $2,100

Real Estate Taxes:             $2,750

Utilities:                            $1,408

Water and sewer:               $3,003

Snow removal:                      $400

10% maintenance/repairs: $12,600

Leasing Commission:            $1,000

TOTAL OUTGOINGS:        $48,173

 

NET ANNUAL INCOME:    $65,227  This represents a great and more than genuine net yield of 12.5%.

 

Please complete the Enquiry Form for our detailed brochure.

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