Residential Over 5 Units - Pallister detroit michigan residential multi unit

PALLISTER DETROIT MI 48202


Asking Price $15,816,000 PLUS 4% BUYERS FEE


Great opportunity to invest in an incredible value add property in the New Center area of the City of Detroit. Apartments is a 12-story high rise, built in 1973 with 188 units. The property is located right off of M10 Lodge expressway. Conveniently located in the heart of Detroit near shopping, fine dining, museums, and so much more. Fantastic city views. Household utilities included with rent, laundry facilities on every floor, valet trash service and a workout room. Total Monthly Income: $1,719,074 and the Net Operating Income is $768,197. Priced right at $82K per door in a real good part of town. Seller has provided T-12s and rent rolls.





NEW CENTER AREA IN

DETROIT NOTICABLY

DISCOUNTED PRICE @ $82K PER DOOR

PURCHASE PRICE IS $15,818,000

NET OPERATING INCOME $768,197

MONTHLY GROSS INCOME $1,719,074

CAP RATE IS 4.9%





LINK FOR FINANCIALS:



https://drive.google.com/drive/folders/14bfjcZOhtEzvqJpwpwYJ17KcBlRgsXOQ?usp=share_link



IN 2023, AS THIS OFFERING MEMORANDUM OR OM, IS LOADED PER THE SELLER, ANY INTERESTED BUYER WHO WANTS TO MOVE FORWARD MUST PARTICPATE AND PROVIDE A FULL BUYERS PACKAGE AS AN INCOMPLETE BUYERS PACKAGE TO BRING THE SELLER'S LACK OF INTEREST INTO PLAY AND WILL "NOT" BE CONSIDERED. HENCE, A NAKED LETTER OF INTENT (LOI) WITHOUT CORRESPONDING DOCUMENTATION IS NOT A COMPLETE BUYER'S PACKAGE.