13521 E Mcnichols Rd
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13521 E Mcnichols Rd
7 Unit Apartment Building $500,794 CAD ($71,542 CAD/Unit) 8.57% Cap Rate Detroit, MI 48205
Investment Highlights
- Located within minutes of retailers such as Exxon gas station, Zorba's Coney Island, Seven Star Food Center, Wendy's and more.
- Property also has several bus stops nearby, allowing great access to those using public transport.
- Within minutes of Gratiot Ave., giving quick access to I-94 and Route 102.
Executive Summary
Great Investment Opportunity! Well Maintained, stabilized and producing 7-unit apartment building. Offered at 7.79% CAP rate. Next door - 13535 McNichols (23 units) is also available for sale. Properties are next to each other and might be sold together. Currently producing at a $63k a year gross . Current Net income is $43,811. Projected gross income once fully leased $68,200. Landlord pays water, gas, electric. Needs advance notice to show. Do not disturb tenants.
Financial Summary (Actual - 2022) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2022) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $500,794 CAD | Building Class | C |
| Price Per Unit | $71,542 CAD | Lot Size | 0.14 AC |
| Sale Type | Investment | Building Size | 2,734 SF |
| Cap Rate | 8.57% | Average Occupancy | 85% |
| No. Units | 7 | No. Stories | 1 |
| Property Type | Multifamily | Year Built/Renovated | 1953/2022 |
| Property Subtype | Apartment | Parking Ratio | 4.39/1,000 SF |
| Apartment Style | Low Rise |
| Price | $500,794 CAD |
| Price Per Unit | $71,542 CAD |
| Sale Type | Investment |
| Cap Rate | 8.57% |
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 2,734 SF |
| Average Occupancy | 85% |
| No. Stories | 1 |
| Year Built/Renovated | 1953/2022 |
| Parking Ratio | 4.39/1,000 SF |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 2 | $1,199 CAD | 450 |
| 1+1 | 5 | $1,363 CAD | 450 |
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PROPERTY TAXES
| Parcel Number | 21-020311 | Improvements Assessment | $0 CAD (2024) |
| Land Assessment | $0 CAD (2024) | Total Assessment | $109,491 CAD (2024) |
PROPERTY TAXES
Parcel Number
21-020311
Land Assessment
$0 CAD (2024)
Improvements Assessment
$0 CAD (2024)
Total Assessment
$109,491 CAD (2024)
zoning
| Zoning Code | B4 (Residential Commercial Zoning) |
| B4 (Residential Commercial Zoning) |
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13521 E Mcnichols Rd
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