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  • 16
  • Michigan
Price £319,590
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Property Description

Read on to find out how to make a fantastic 54% return .............

This is a unique opportunity to develop an 11 unit apartment building in sought after Mt Clemens, Michigan for rental income or resale with high profit level.

The property currently consists of 9 x 1 bed / 1 bath and 2 x 2 bed units. Subject property is close to downtown Mt Clemens. This will be a development opportunity to convert the building into 8 x 2 bed upscale loft style condominiums. The building will require renovation, upgrades and improvements to make it into an upscale development. This investment represents an excellent opportunity to reposition an apartment building and sell the units as individual units in a strategic location.

The quoted price of $500,000 includes: the purchase price, full refurbishment, closing costs, etc. The only additional cost is our agency fee of $10,000.

THE LOCATION

Mount Clemens is approximately 20 miles northeast of Downtown Detroit. It is the County Seat of Macomb County. The area is also home to Selfridges Military Airbase and a few minutes to the waterfront of Lake Michigan. In addition to several county buildings and services, Mount Clemens is home to numerous restaurants and shops which are situated in a historic downtown. The property is located within walking distance of the downtown and the riverfront. This neighbourhood is popular with renters as it is accessible with ample transport links.

DEVELOPMENT PROPOSAL

The proposal is to convert the existing 11 rental apartment units into 8 luxury loft 2 bed condos.

TOP FLOOR UNITS (WITH LOFT MEZZANINE) - (4 UNITS) – 2 BED

As the top floor units have a high ceiling clearance of 16ft, we intent to install a loft mezzanine floor in each of the units as in the pictures below. This will substantially increase the usual living area and make it highly desirable for resale.

MIDDLE FLOOR – LOFT STYLE (2 UNITS) – 2 BED

These units have a high ceiling clearance of 11ft, which will bring substantial natural light and feeling of space. 2 bed, 2 full bathroom.

BOTTOM FLOOR – LOFT STYLE - (2 UNITS) – 2 BED

These units have a high ceiling clearance of 11ft.

STRATEGY:

1. Develop in Condos and Resell Condos upon Completion – Expected Return $269,975 / 54% ROI

2. Develop in Condos and Rent Condos for 2 Years – Two Year Rental Income - $104,680 + Sales Profit $269,975 + Capital Appreciation 5% per Annum. Total Expected Return $386,280 / 74.8% ROI (Over 2 Years IRR 37.4%)

Please complete the Enquiry Form to receive our detailed brochure with numerous photos and all the financials.

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