Linwood St
Detroit, MI 48238
Retail Property For Sale

I have a commercial/mixed-use property for sale for $137,850. Be a part of the Detroit revival with a solid investment that has no capital improvement requirement, and will yield excellent returns! CAP rates that are unheard of these days, even for Detroit, especially considering it is fully occupied with long term tenants! Property is right off a very busy intersection on the West side of Detroit, off a freeway and a major road. Adjacent to the building is another like building (4 unit) with a convenience store, on the other side is a church parking lot, and across the street is a mechanic shop. Property Description: 4 unit mixed use (2 retail storefronts + 2 two bedroom apartments upstairs) 4 car garage in the back of the property, fully fenced in with 6-8' fencing. Tenants: Art studio ($695), beauty salon ($565), and two 2 bed/1bath apartments ($490 each) $2,240 gross rent per month Taxes: ~$1,700/yr Water: ~$2,000/yr Major updates: 2 brand new hot water tanks in 2017. All boilers serviced annually, work great. Brand new windows in 2015. Occupancy: nearly 100% for past 3 years (only turnover is in apartments every year or two, commercial tenants are long term) Leases: Typically commercial is 2-3 year leases, residential is 1-2 years. All leases become month-to-month after term expires. My commercial tenants are long term, and are/will be on month-to-month but have no intent to leave and are easily willing to extend to a long term lease. I have not done so because this gives more flexibility to the incoming owner. Utilities: All are separately metered, so tenants pay gas + electric! Water is the only utility we pay as a landlord! CAP Rate: 15-16% Management: I self manage via my cell phone, extremely easy as I travel over 1/3 of the year internationally. But you must have prior real estate experience in like markets, or have a decent property manager. Commercial side is a blessing and is extremely passive, as they do a majority of improvements and repairs themselves since all have been long time tenants. All tenants are up to date. All payments are made directly to my Chase business account, so I never touch cash and no issues. Building doesn't need any work, outside of cosmetic, minor things if you wish to upgrade to demand higher rents. I've done minor repairs, windows, new hot water tanks, etc. to some of the units. Nothing is needed minus some cosmetic things if you desire to upgrade, and very sound structurally (roof, windows, furnace/water tanks). All the buildings were previously meticulously cared for with by having an owner occupant who was a plumber for decades. I am selling because I am looking to relocate out of Detroit to NYC, and also completely liquidate my real estate portfolio (on top of my Detroit businesses) to raise capital to buy/start a business in the tech space. If you look at my BP posts, these have been my bread and butter, some of my first properties that got me to love real estate and gave me the financial freedom to get into so many other businesses. It's just time for me to move onto focusing on just a single business and scale it, while I relocate to the city and travel more. PLEASE note the following when responding to this ad: - If the ad is up, yes, the properties are still available for sale. - Cash ONLY! No land contracts, please don't ask, the cash flow is too strong for it. - I will not put this under contract for wholesalers - I am a licensed RE agent in MI, so I don't need help selling it, and would like to keep it off the MLS. - Commission: I will provide 3% commission to anyone who assists in finding a buyer that closes on the property. - Please provide your contact details when you respond to the ad! A brief background of your experience would help as well to expedite the process. - Proof of Funds and an accepted Purchase Agreement needed prior to providing any walk through. Please do NOT initiate any conversation with tenants, only drive by. EMAIL: Ujwal91@gmail.com