Three parcels and 96 units are located south of Seven Mile on Lahser, while two buildings on two parcels are north of Seven Mile Road.
The first two buildings, with 38 units, are fully renovated and leased.
The next two buildings, with 34 and 24 units, are currently being renovated and should be finished by mid-August.
Renovations for the remaining two buildings north of Seven Mile Road will begin next and are expected to be completed by the end of September.
We are considering splitting the closing into two dates:
First closing: as early as mid-August.
Second closing: after the last two buildings are completed in late September.
You can now project revenue for the fully completed package using figures from the rent roll of the first 38 renovated and leased units. The future ARV could reach the mid-70s per door when fully renovated and leased.
This is a great value-add project without the heavy lifting!
Property Details:
18350 Lahser Detroit MI 48219 — 34 units
18400 Lahser Detroit MI 48219 — 24 units
19233 Lahser Detroit MI 48219 — 24 units
19243 Lahser Detroit MI 48219 — 24 units