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Multi-Family For Sale
Presidential Plaza Apartments
16810 Lahser Road, Detroit, MI 48219
Property Details
Building Size
48 SF
Year Built
1963
Stories
2
Parking
58
Building Class
B
Zoning
R-1
Parcel ID
22-11335-961
Price
$3,600,000
Min Available
48 SF
Max Contiguous
48 SF
Description
Newly renovated 48 unit apartment complex in northwest Detroit. Great potential for a motivated Buyer to push to a 10%+ cap rate. 3 layer keypad security - gate, building and room. Loan assumption available as an option. Many amenities in the surrounding area (Meijer, banks, restaurants, etc.)
Location
East side of Lahser Road, south of McNichols Road.
Highlights
- 48 unit apartment complex - 36 units currently occupied
- Actuals & projected NOI included - 11.89% upside cap at ask
- NEW current market rent of $895/mo
- Month-to-month tenants pay $920/mo
- 47/48 units completely remodeled from 2018-2022
- Full firestone roof replacement in 2014 (25 yr warranty)
Location
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Demographics
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| 1-Mile Radius | 3-Mile Radius | 5-Mile Radius | |
|---|---|---|---|
| Total Population | 13,199 | 119,536 | 337,110 |
| Total Households | 5,062 | 47,766 | 136,379 |
| Persons / Household | 2.59 | 2.49 | 2.45 |
| Avg. Household Income | $46,940 | $62,476 | $67,928 |
| Per-Capita Income | $18,499 | $26,224 | $28,776 |
| Avg. Home Value | $117,428 | $141,344 | $162,857 |
| Median Age | 34.0 | 37.6 | 38.7 |
Source: US Census Bureau ACS 2024 5-Year Estimates.
