$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.
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
Management Fees: $18,900
Trash collection: $2,100
Real Estate Taxes: $2,750
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.