13535 La Salle BlvdDetroit, MI 48238

For Sale
$999,990

19-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional value-add opportunity presents a 19-unit apartment building in Detroit, Michigan. The property, located at 13535 La Salle Blvd, boasts 11,075 square feet on a 0.19-acre lot and features a mix of 14 one-bedroom, 1 two-bedroom, and 4 studio units. Recently renovated in 2024, the building includes a new boiler, updated hallways and common areas, a newer Spanish clay tile roof, and newer windows. Significant capital improvements totaling $250,000 have been completed. Each unit has its own electric meter, and tenant parking is available. The building's current occupancy is 50%, with a projected occupancy date of August 1, 2024. The current Net Operating Income (NOI) is $66,565, with a pro-forma NOI of $114,708, resulting in a pro-forma cap rate of 11.47%. The asking price is $999,990, representing a price per unit of $52,631.05 and a price per square foot of $90.29. All tenants are in good standing, and the current management offers a one- or two-year transition agreement. The property's convenient location near major highways provides easy access to Wayne State University and Downtown Detroit. This meticulously maintained, full-brick building presents a rare opportunity for investors seeking strong returns in a desirable Detroit location. The property is zoned for Commercial and Multifamily use. The building was originally constructed in 1929 and sits on a lot with APN W10I008797S.

Highlights

  • Rare value-add multifamily investment opportunity in Detroit.
  • Renovated 19-unit building (14 one-bedroom, 1 two-bedroom, 4 studio).
  • Full brick, well-maintained building with a new boiler, updated hallways, common areas, roof, and windows.
  • Projected 11% cap rate post-rehab; strong current financials.
  • $250,000 in recent capital improvements.
  • Individual electric meters, tenant parking, and impeccably maintained exterior.

Property Details for 13535 La Salle Blvd

Property type
Multifamily properties, Apartment buildings
Square Feet
11,075 SF
Class
A
Year Built/Renovated
1929/2024
Buildings
1
Stories
3
Lot Size (sq. ft)
8,276 SF
Units
19

Location Insight

City
Detroit
County
Wayne
State
Michigan
Latitude
42.394749779827
Longitude
-83.119522286494
13535 La Salle Blvd, Detroit, Michigan

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13535 La Salle Blvd
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