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  • 42
  • Michigan
Price £382,869
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Property Description

2740 Fullerton St, Detroit, MI 48238 is a substantial block of 42 apartments which are fully section 8 approved. There have been a number of improvements over recent years and a comprehensive refurbishment programme is just commencing to bring the property up to the highest standard. The sale will be ready for closing when refurbishment works have been completed and the property fully tenanted within 90 days but can be reserved now with just a 5% deposit to the escrow account of the title company handling the transaction.

Fullerton Manor Apartments are located at the hard corner of Fullerton and Lawton Streets. Primary access to the site is from Linwood Street from the east or the Davison Freeway from the north. Additionally, Interstate 96 and the M-10 Lodge Freeway provide access to the feeder streets in the immediate neighbourhood as well as providing access to downtown employment and the northwest suburbs. The downtown Central Business District is approximately 5 miles to the east of Property.

Fullerton Manor Apartments is a four-story apartment community situated on an approximately ±0.59-acre site at 2740 Fullerton Street in the City of Detroit. The Property was constructed in 1928 and has a steam heat boiler system.

This Class C multifamily property consists of one (1) four-story building containing a total of 42 units. Fullerton Apartments has a unit breakdown consisting of (4) studios of approximately 500 square feet, (16) one bedroom / one bath units of approximately 650 square feet, and (21) two bedroom / one bath units of approximately 850 square feet, and (1) three bedroom / one bath unit of approximately 1,000 square feet. The total building area is approximately 32,517 square feet.

The refurbishment works include the following:

Exterior:

Overhaul roof, repoint where necessary and overhaul stairs where required.

Interior:

Install new bathrooms suites, completely re-fit kitchens, replace all flooring, update all electrical in building up to code, replace/update all plumbing in building up to code, redecorate throughout, Install new interior doors as necessary (including hardware), Install new exterior doors as necessary (including security doors), Install all new lights and light fixture, Install new/newer furnace/boiler, Install new/newer hot water tanks, etc.

Please note that in the figures below we have allowed for vacancy and also rental income insurance. Once complete, these units will be as good as new.

We welcome investors to visit completed and recently available projects in Detroit and have staff available 52 weeks of the year to tour clients. If you are not available to visit the city, we are happy to provide inspection reports of recently refurbished properties and/or references from existing clients.

This block is section 8 approved and compliant.

Unlike many of our competitors, we take into account all closing and ongoing costs to give you a genuine net yield!

KEY FIGURES:

Purchase price: $599,000

Closing Costs: $2,000 (estimated)

Agency Fee: $5,000

TOTAL INVESTMENT REQUIRED: $606,000

RENTAL INCOME: $195,720 per annum

OUTGOINGS:

PropertyTaxes: $10,000

Insurance: $5,000

Water: $17,640

Vacancy: $5,871

Rental Insurance: $8,400

Maintenance: $5,872

Management: $13,700

TOTAL OUTGOINGS: $66,483

NET INCOME: $129,237

THE NET YIELD IS THEREFORE A FANTASTIC 21.32% with excellent potential for capital appreciation.

For further information or to reserve this property, please complete the enquiry form as soon as possible.

UP TO 60% MORTGAGE NOW AVAILABLE ON THIS PROPERTY. PLEASE CONTACT US FOR DETAILS.

Price: 599000.00 $ Bedrooms: 42 apartments

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