Multifamily Investment Opportunity
Price
$565,000
Off-Market Multi-Family Investment Opportunity - 2681 Lakewood Ave, Detroit, MI
Property Details:
Type: Multi-Family
Units: 18 (1 Bed / 1 Bath each)
Address: 2681 Lakewood Ave, Detroit, MI
Property Overview: This 18-unit multi-family property is a prime investment opportunity in Detroit. Each unit features 1 bedroom and 1 bathroom, and the property is in need of a full rehab. While the exact age of the roof is unknown, it is relatively new. Some plumbing and electrical work have already been completed, but the property currently has no operational systems.
Financials:
Sale Price: $565,000
Rehab Cost: $350,000
Gross Monthly Rent Income (Post-Stabilization): $15,300 ($850/unit x 18 units)
Section 8 Rent Potential: $925-$950/month per unit
Annual Gross Income: $183,600
Estimated Expenses (35%): $64,260
Net Operating Income (NOI): $119,340
Yearly Taxes: $2,500
Yearly Insurance: $7,500-$8,000
Investment Highlights:
Cap Rate: 9% achievable through refinancing
High Demand: Potential to sell to the highest bidder post-rehab
Secured Income: Stable income potential with Section 8 tenants
Purchase Terms:
Earnest Money Deposit (EMD): $10,000
Closing: Apollo Title
Additional Information: Click here to view property videos
Buyer Requirements:
Proof of Funds (POF): Required along with an accepted offer before any walkthroughs
Questions for Potential Buyers:
Are you or your buyers purchasing with cash or hard money loan (HML)?
Are you local to the area?
Do you have the required equity?
Contact Information:
Submit all offers and inquiries directly to investments@promiselandrealtyllc.com.
Property Map
Aerial View
"AMERICA'S #1 SOURCE FOR OFF MARKET PROPERTIES"
PROMISE LAND REALTY, LLC
Work: 864-762-2509
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. Realtors add your fee on top.
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