McNichols Apartments | 2521 W McNichols Rd
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McNichols Apartments 2521 W McNichols Rd
16 Unit Apartment Building $880,000 ($55,000/Unit) 10.25% Cap Rate Detroit, MI 48221
Investment Highlights
- All units have been renovated
- Upgraded Common Area
- Newer roof, newer boiler + backup, vinyl windows, new interior light fixtures, new water pumps with tankless water heaters,
- Fully certified building, fully lead certified
Executive Summary
Global Real Estate Advisors are pleased to present the exclusive offering of McNichols Apartments in Detroit, MI. Located across from Detroit Golf Club, in the nation’s Motor City, McNichols Apartments was originally constructed in 1952 with the building being renovated in 2021/2022. The property is a collection of 16 units consisting of 5 one-bedroom units, 8 two-bedroom units and 3 three-bedroom units. All the units have been renovated, which leaves a buyer with value-add potential through rent raises, a few light unit upgrades and implementing a RUBS program on the property.
Property Facts Under Contract
| Price | $880,000 | Building Class | C |
| Price Per Unit | $55,000 | Lot Size | 0.50 AC |
| Sale Type | Investment | Building Size | 17,700 SF |
| Cap Rate | 10.25% | Average Occupancy | 70% |
| No. Units | 16 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1952/2022 |
| Property Subtype | Apartment | Parking Ratio | 0.51/1,000 SF |
| Apartment Style | Low Rise |
| Price | $880,000 |
| Price Per Unit | $55,000 |
| Sale Type | Investment |
| Cap Rate | 10.25% |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.50 AC |
| Building Size | 17,700 SF |
| Average Occupancy | 70% |
| No. Stories | 3 |
| Year Built/Renovated | 1952/2022 |
| Parking Ratio | 0.51/1,000 SF |
Unit Amenities
- Air Conditioning
- Dishwasher
- Eat-in Kitchen
- Hardwood Floors
- Carpet
- Instant Hot Water
Site Amenities
- Vintage Building
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | - | 585 - 900 |
| 2+1 | 9 | - | 805 - 1,000 |
| 3+1.5 | 3 | - | 1,700 |
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PROPERTY TAXES
| Parcel Number | 08-00556-971 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $550,000 |
PROPERTY TAXES
Parcel Number
08-00556-971
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$550,000
zoning
| Zoning Code | CM (Multifamily) |
| CM (Multifamily) |
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Nick Kirby -
GREA
(248) 394-0000
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McNichols Apartments | 2521 W McNichols Rd
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