Pitt Central Manor 7720 Pitt St 50 Unit Apartment Building $1,750,000 ($35,000/Unit) 10.15% Cap Rate Detroit, MI 48209
INVESTMENT HIGHLIGHTS
- This rare offer provides a 95% occupied, 50-unit apartment community with a mix of one and two-bedroom units and a prime location in SW Detroit.
- This easily accessible location is within 5 minutes ofI-75 and I-94, and within 15 minutes of Downtown Detroit.
- 47 of the units are currently leased, with three additional units primed for renovation, providing immediate value-add potential.
- Robust multifamily investment market, with a growing 5-mile population of 284,000 and 57% of residents currently renting their homes.
EXECUTIVE SUMMARY
Pitt Central Manor presents a unique opportunity to acquire a well-maintained, five-building apartment community in the highly sought-after Southwest Detroit neighborhood. Located at the intersection of Central and Pitt Streets at 7720 Pitt Street, this 50-unit property includes 47 fully leased units, plus three additional units primed for renovation, offering immediate value-add potential. The unit mix includes 29 spacious two-bedroom apartments and 21 one-bedroom residences, all featuring hardwood floors, expansive layouts, and abundant natural light.
With strong occupancy rates and sustained demand for quality housing in Southwest Detroit, Pitt Central Manor offers an investment opportunity for someone seeking stable cash flow and option to capitalize on untapped potential through property enhancements.
With strong occupancy rates and sustained demand for quality housing in Southwest Detroit, Pitt Central Manor offers an investment opportunity for someone seeking stable cash flow and option to capitalize on untapped potential through property enhancements.
PROPERTY FACTS
| Price | $1,750,000 |
| Price Per Unit | $35,000 |
| Sale Type | Investment |
| Cap Rate | 10.15% |
| No. Units | 50 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.63 AC |
| Building Size | 53,000 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1926 |
UNIT AMENITIES
- Air Conditioning
- Cable Ready
- Heating
- Ceiling Fans
- Kitchen
- Hardwood Floors
- Refrigerator
- Oven
- Tub/Shower
- Carpet
- Basement
- Dining Room
- Family Room
- Garden
- Handrails
- Lawn
1 of 1
Walk Score®
Very Walkable (73)
Bike Score®
Very Bikeable (76)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $0 | |
| Land Assessment | $0 | Total Assessment | $446,000 |
ZONING
| Zoning Code | R3 (Single Family Residential District) |
