300 Whitmore RdDetroit, MI 48203

For Sale
$21,000,000

506 Units, Value-Add Opportunity

Overview

Added:
Dec 11, 2024
Days on market:
94
This exceptional investment opportunity presents a portfolio of 14 apartment buildings totaling 506 units, situated in Detroit and Highland Park, Michigan's historic Palmer Park district. Originally constructed between 1924 and 1953, these buildings, listed on the historic register, offer significant value-add potential. The portfolio boasts over 500,000 square feet of space, with units ranging from one to two bedrooms, featuring full baths, family rooms, and basic appliances (refrigerator, range, garbage disposal). Coin-operated laundry facilities are available on-site, and utilities (gas, heat, and water) are included. Currently undergoing renovations to boost occupancy and tenant satisfaction, this portfolio benefits from a proactive local government committed to revitalization efforts, including the "Project Green Light" initiative, enhancing resident security through a connected camera system. The prime location, across from Palmer Park and minutes from downtown Detroit, offers strong potential for increased rental income and property appreciation. The asking price is $21,000,000, representing a price per unit of $41,501.98. This is a rare chance to acquire a substantial multifamily portfolio in a rapidly developing area. The buildings are five stories high and are located at various addresses in Detroit and Highland Park, MI, zip code 48203. This is a value-add investment opportunity with significant upside potential.

Highlights

  • $21,000,000 asking price for a value-add multifamily portfolio.
  • 506 units in 14 buildings.
  • Class C property built between 1924 and 1953.
  • $41,502 per unit price.
  • Located in Detroit and Highland Park, MI, near Palmer Park and Detroit Country Club.
  • Buildings feature 1-2 bedroom units with full bath, and amenities including coin-operated laundry, gas, heat, and water.

Property Details for 300 Whitmore Rd

Property type
Multifamily properties, Apartment buildings
Class
C
Year Built
1924
Buildings
14
Stories
5
Units
506

Location Insight

City
Detroit
County
Wayne
State
Michigan
Latitude
42.4186001
Longitude
-83.1079074
300 Whitmore Rd, Detroit, Michigan

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300 Whitmore Rd
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