Apartment Listings

Garfield Park - Fraser, Michigan

Price: $4,400,000

Financing: Assumable Number of Units: 110. Well maintained property in a great location. Currently 97%+ occupied. Owner has been continually renovating the property over past 2 years with $200,00 + in capital improvements. Good unit mix with mostly 2 bedrooms. There are 7 buildings on the property and pool for residents. New buyer must assume current mortgage on property--excellent terms. Seller may consider some seller financing for new purchaser. Click on the image to the left to download the listing flyer.

Farnum Street - Royal Oak, Michigan

Price: $6,500,000

Financing: Cash / Conventional Number of units: 110. Prime rental location near downtown--always 100% leased. Solid 8.5% cap rate with 12% cash on cash return. Many improvements to property in 2007 and 2008 including: new vinyl windows, roofs, siding, and many appliances. And, 64 units have been remodeled which involved paint, hardwood floors, kitchen and bath cabinets, kitchen and bath countertops, kitchen and bath sinks, trim and base molding, blinds, and tiled kitchen and baths. Onsite staff which handles day to day management and maintenance. Plenty of parking.

Chapoton Apartments - St. Clair Shores, Michigan

Price: $3,950,000

Financing: Assumable Number of units: 100. Well-maintained apartment complex located in downtown St. Clair Shores. Turnkey operation with onsite manager. Always 100% occupied. Fantastic cap rate of almost 10%. Two story brick buildings with onsite laundry. Leasing office on premises. Over $250,000 in capital improvements to property including: new windows, updated kitchens, and much more. Ample room for tenant and guest parking. Current non-recourse loan must be assumed-see below for details. Seller will assist with downpayment up to $600,000 with terms and conditions negotiable.

Devon Street - Royal Oak, Michigan

Price: $529,000

Financing: Seller Financing / Land Contract Available Number of units: 11. Centrally located and within walking distance to parks, shops, and businesses. Several tenants are long-term (years) providing for a strong and stable lease base. Laundry facilities are on site which provide additional owner income. Some recent capital improvements performed to buildings. Owner will consider reasonable and fair land contract offers structured with a down payment, interest-based financing and a balloon term.

Hunter Street - Royal Oak, Michigan

Price: $280,000

Financing: Cash / Conventional Number of units: 5. Ranch style five unit multifamily property that is easy to manage and always 100% leased. Located off busy Woodward Ave. With easy access to retail, shopping, and major expressways. Very stable investment with excellent track record of occupancy and predictable expenses. Upside potential for new owner by submetering the gas so tenants pay for heat. Tenants currently pay electric. Onsite coin op laundry.

Eastpointe, Michigan

Price: $225,000.

Financing: Cash / Conventional Number of units: 6. Currently 100% leased with strong occupancy track record. Ranch style brick building features 5 one bedroom units and 1 two bedroom unit. No boiler--tenant paid electric baseboard heat. Laundry room is ready to go for additional income, just need to hookup washer/dryer. There is an attached garage that can be used for storage, maintenance supplies, or possibly turned into an additional 7th rental unit to increase income (conceptual drawings already completed). Updates include: newer roof, newer water heater, and 75% of units with new appliances. Fabulous location in groomed neighborhood - close to St. John Hospital.

Woodward Heights - Hazel Park, Michigan

Price: $320,000

Financing: Seller Financing / Land Contract Available Number of units: 8. Exceptionally well-maintained investment property with no deferred maintenance. Current owner is in construction business and property meets all city and building codes. Individually tenant metered gas and electric - landlord only pays water. Centrally located and easy access to major expressways. Seller offering Land Contract (seller financing) terms.