Majestic Apartments | 2690 W Boston Blvd
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Majestic Apartments 2690 W Boston Blvd
82 Unit Apartment Building $4,200,000 ($51,220/Unit) 8.04% Cap Rate Detroit, MI 48206
Investment Highlights
- Gated Parking
- Section 8 Approved Units
- Green Light Program
- On-Site Office
- Extensive List of Capital Expenditures Including Roof, Boiler, Elevator
Executive Summary
Global Real Estate Advisors are pleased to present the exclusive offering of Majestic Apartments in Detroit, MI. This four-story building was originally constructed in 1929. Majestic consists of 82 apartments units featuring 46 studio units, 34 one-bedroom units and 2 two-bedroom unit. The property features tenant paid electricity, with the landlord paying for gas, water & sewer. The Majestic is close to plenty of restaurants, grocery stores, childcare and other businesses in Detroit. The property has undergone a tremendous amount of work over the last 3 years including a new EPDM Roof, New Elevator, New boiler and hot water system, exterior tuck pointing and waterproofing, lobby renovation, common area renovations, unit renovations, electric main service panel and sub panels, LED lighting and a new state of the art electric sliding gate in a recently paved asphalt parking lot.
Property Facts
| Price | $4,200,000 | Apartment Style | Mid Rise |
| Price Per Unit | $51,220 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.42 AC |
| Cap Rate | 8.04% | Building Size | 46,306 SF |
| No. Units | 82 | Average Occupancy | 75% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1929 |
| Price | $4,200,000 |
| Price Per Unit | $51,220 |
| Sale Type | Investment |
| Cap Rate | 8.04% |
| No. Units | 82 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | B |
| Lot Size | 0.42 AC |
| Building Size | 46,306 SF |
| Average Occupancy | 75% |
| No. Stories | 4 |
| Year Built | 1929 |
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Heating
- Kitchen
- Hardwood Floors
- High Speed Internet Access
- Ice Maker
- Refrigerator
- Oven
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Handrails
- Trash Compactor
- Vinyl Flooring
- Warming Drawer
- Wheelchair Accessible (Rooms)
- Window Coverings
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Tenant Controlled HVAC
- Renters Insurance Program
- Elevator
- Hearing Impaired Accessible
- Maintenance on site
- Online Services
- Vision Impaired Accessible
- Individual Locking Bedrooms
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | - | 500 - 600 |
| 1+1 | 46 | - | 675 - 700 |
| 2+1 | 34 | - | - |
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PROPERTY TAXES
| Parcel Number | 10-002798 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $689,800 |
PROPERTY TAXES
Parcel Number
10-002798
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$689,800
zoning
| Zoning Code | R6 (High-Density Residential, community living services) |
| R6 (High-Density Residential, community living services) |
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Majestic Apartments | 2690 W Boston Blvd
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