13535 La Salle BlvdDetroit, MI 48238

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.