Virginia Park Apartments

Highlights

• Prime Urban Location: The property is situated in Detroit's thriving midtown area, surrounded by major landmarks like Wayne State University, the Detroit Medical Center, and Henry Ford Hospital, offering high demand for rental units in this region.
• Renovated Historic Building: Originally built in 1916, the property underwent significant renovations in 2020. The nine-unit building offers a variety of floorplans, appealing to a broad range of tenants, from young professionals to families.
• Strong Occupancy: The building enjoys a 92% occupancy rate, demonstrating its appeal and consistent tenant demand in the Detroit rental market.
• High Rental Potential: The property has a mix of market-rate apartments with rents ranging from $925 to $1,850, with a total gross rental potential of $135,240 annually.
• Favorable Cap Rate: With a 7% cap rate and a pro forma NOI of $90,932, the property provides a competitive return on investment for buyers.
• Growing Neighborhood: The 5-mile radius surrounding the property boasts a population of over 329,000 people, with continued growth and economic development expected in the Midtown Detroit area.

Description

9-Unit Multifamily investment opportunity in Midtown Detroit, boasting 92% occupancy rate.

Located in Midtown Detroit, this thriving district offers a dynamic environment for multifamily investment. Enjoy easy access to nearby dining, entertainment, and green spaces, making the location an ideal choice for investors seeking to be part of Detroit's renaissance.