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4661 E Outer Dr
Detroit, MI 48234
Conner Creek Senior Apartment Homes · Multifamily Property For Sale
·
48 Units
PROPERTY FACTS
| No. Units | 48 | Building Size | 57,648 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 2005/2011 |
| Building Class | B | Parking Ratio | 0.83/1,000 SF |
| Lot Size | 0.06 AC | Parcel Number | 17-016350-001 |
| Zoning | R5 | ||
| No. Units | 48 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.06 AC |
| Building Size | 57,648 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 2005/2011 |
| Parking Ratio | 0.83/1,000 SF |
| Zoning | R5 |
| Parcel Number | 17-016350-001 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Dishwasher
- Disposal
- Microwave
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Walk-In Closets
- Breakfast Nook
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Business Center
- Clubhouse
- Fitness Center
- Laundry Facilities
- Property Manager on Site
- Pet Play Area
- Planned Social Activities
- Maintenance on site
ABOUT 4661 E OUTER DR , DETROIT, MI 48234
Value-Add opportunity lies in charging tenants for utilities, decreasing payroll, and not charging an asset management fee. Projected 13% CAP rate once stabilized. Connor Creek is an age restricted community consisting of 55 + tenants. This is a three level building with several amities including a large main lobby, laundry on every floor, a computer room, large community room, and a workout area. There is on site property management, however there is not on site staff to assist the residents. Several companies and businesses have shuttles that take residents to and from the property to go grocery shopping as well as activities. This complex has a community type feeling as many of the residents gather for activities during the day in the common space. To be noted by the buyer, after the 15 year tax credit period burns off the building is placed into an “extended” period where the building must continue to be kept affordable. Please do your own due diligence on MSHDA requirements and affordable housing. Regulatory docs and audits are available upon request.
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 18 | - | 700 |
| 2+1 | 30 | - | 821 - 841 |
