15521 Mack Ave, Detroit, MI 48224 – 19 Unit Mixed Use Apartment Investment – Asking $799K For Sale

  • $799000

15521-15523 Mack, Detroit, MI 48224 – Vacant Mixed Use Apartment Investment – Mack Ave Corridor – Asking $799,000

17 Unit Apartment + 2 Store Front Commercial + 1 Potential Rental Unit

  • Renovation for 8 units that are partly done: $80,000.00
  • Hallway on the partly done side: $10,000.00
  • Renovation for 8 units that needs more work: $120,000.00
  • Hallway on the side that needs more work: $20,000.00
  • Windows (30 windows / $600): $18,000.00
  • HVAC System for units, common area and hot water tanks: $75,000.00
  • Electrical Main System: $40,000.00
  • Exterior and Misc: $17,000.00
  • Total Renovation: $380,000.00

ADDRESS: 15521-15523 Mack, Detroit, MI 48224

  • 17 Residential Units:
    • 13 One Bedroom with 450 sq.ft. average ($1,000.00/month) $156,000 annual
    • 4 Studio with 390 sq.ft. average ($900/month) $43,200 annual
  • 2 Commercial Units:
    • 866 to 911 Sq. ft. per unit range with High ceilings: (estimated $1,500.00/each) $36,000 annual (both units)
    • Good street and window frontage with 4 feet below ground level:
  • Projected Gross Revenue per year:
    • From rents: $235,200
    • Laundry:$5,700 ($25/unit/month)
    • Storage:$2,280 ($10/unit/month
    • Vending Machines N/A
    • Total Gross Income: $243,180
  • 1929 Year built
  • Full Brick with new flat silicone roof in the year 2021
  • Part of the building has been renovated
  • Parking at the back of the building.
  • Due to this property being on the Mack corridor, it will undoubtedly receive more attention than properties elsewhere in the 48224.
  • Conservative Valuation ARV: $110,000/unit x 19 = $2,090,000
  • Purchase:$799,000
  • Renovation estimate at $20K/unit average for a total of $380,000

Call (248) 422-1003 to book a walk through.

Buyer is responsible to pay all buyer and seller closing costs. Sold as-is. Buyer to verify all information and perform due diligence. $2500 EMD. Contact us today to schedule a walk through.

 

 

 

Price:
$799000
Address:
15521 Mack Ave
Detroit, MI 48224
Terms:
For Sale
Property Type:
Apartment
Const. Type:
Brick

Call (248) 900-2426 for more details

Property Location