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6735-6819 Ford St

23 Unit Apartment Building $2,338,825 CAD ($101,688 CAD/Unit) 7.75% Cap Rate Warren, MI 48091

Investment Highlights

  • Cash Flow
  • Privacy
  • Value Add

Executive Summary

Ford Row Apartments is a 23 unit apartment building located in Warren, MI. The units are a mix of 9 one bedroom and 14 two bedroom apartments. Ford Row is located on one block, all of the apartment units are attached and in a row, with separate entrances.
The 23 units at Ford Row are individually parceled, with the seller owning the entire block except for two units in the middle of the property. Although the units are attached, they function as separate homes, with all utilities individually metered and paid by the tenants. The owner is only responsible for utilities in vacant units. Each unit features washer and dryer hookups, a backyard maintained by the tenant, and street parking. The property operates efficiently and cost-effectively, as most expenses are borne by the tenants, while the unified structure enhances overall management efficiency.
Ford Row presents an excellent investment opportunity with an in-place CAP rate of 7.75%, offering a strong cash-on-cash return. The property allows for a buy-and-hold strategy, providing consistent, appreciating cash flow over time. Additionally, there is significant potential in renovating units and selling them individually. A recent appraisal of $125,000 for a three-bedroom unit across the street highlights the untapped equity available through individual sales.

Property Facts

Price $2,338,825 CAD
Price Per Unit $101,688 CAD
Sale Type Investment
Cap Rate 7.75%
No. Units 23
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 1.26 AC
Building Size 17,200 SF
Average Occupancy 87%
No. Stories 1
Year Built 1947

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
1+1 9 - 700
2+1 14 - 800

zoning

Zoning Code R3 (Multiple-Family Resident District)
R3 (Multiple-Family Resident District)
  • Listing ID: 34135544

  • Date on Market: 2024-12-09

  • Last Updated:

  • Address: 6735-6819 Ford St, Warren, MI 48091

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