13521 Mcnichols RdDetroit, MI 48205

For Sale
$349,900

7-Unit Apartment Building, High ROI

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents a well-maintained, stabilized seven-unit apartment building located at 13521 E McNichols Rd, Detroit, MI 48205. Built in 1953 and extensively renovated in 2022, this single-story, 3,140 square foot building sits on a 0.14-acre lot. Currently boasting a 90% occupancy rate (as of September 1, 2023), the property generates a current Net Operating Income (NOI) of $29,890, representing an 8.54% capitalization rate. The pro-forma NOI is projected at $42,569, yielding a 12.17% capitalization rate upon full occupancy. Each of the seven units commands a price of $49,985.71, with the entire property listed at $349,900 ($111.43 per square foot). Landlord pays for water and electricity. The property requires advance notice for showings and tenants should not be disturbed. This is a prime example of a strong, income-producing asset in a desirable location, offering significant potential for future growth and return on investment. Serious inquiries only.

Highlights

  • Seven-unit apartment building in Detroit, MI.
  • Offered at $349,900, representing $111.43 per square foot.
  • Currently 90% occupied, generating a $29,890 NOI (8.54% cap rate).
  • Pro-forma NOI projected at $42,569 (12.17% cap rate at full occupancy).
  • Extensive renovations completed in 2022.

Property Details for 13521 Mcnichols Rd

Property type
Multifamily properties, Apartment buildings
Square Feet
3,140 SF
Class
C
Year Built/Renovated
1953/2022
Buildings
1
Stories
1
Lot Size (sq. ft)
6,098 SF
Units
7

Location Insight

City
Detroit
County
Wayne
State
Michigan
Latitude
42.426627666469
Longitude
-82.985441306705
13521 Mcnichols Rd, Detroit, Michigan

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13521 Mcnichols Rd
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