We have excellent opportunities like this one that we facilitated a management re-assignment. The property is a 197 unit high rise apartment building currently operating at 80% occupancy, 40% subsidized, in a great area of Detroit. Anyone or group interested in similar investment properties should call us at (248) 721-4848.
INVESTMENT OPPORTUNITY PROJECT SUMMARY
Location: Attractive historical area of Detroit, MI
MSHDA sponsored HUD 236 Project
Structure – 197 units (approx. 77 units are government subsidized)
Age: Built 1975
Current Occupancy: approx. 80% (158 units)
Vacancy approx.: 20% (39 units)
Cost (1975): $8,767,497
Potential net operating income: $ 645,400
Market Value (As-is est.): $12,908,000 (Cap Rate: 5%)
Asking Price: $9,908,000 $50,294.42/unit
Minimum equity investment: $3,500,000
Current Financing – Primary secured debt: $ 2,301,731 (HUD236) (5% interest)*
Interim mortgage loan: $ 360,000 (MSHDA)*
Secondary secured debt: $ 2,383,609 (HOME) (0% interest; non-amortizing)
* Equity investment or loan proceeds to payoff these amounts
Check this page frequently to stay informed of upcoming foreclosure and government auctions that will be held in Michigan and throughout the country. The links below to take you to the latest auction information. We update this list regularly. Several institutions utilize various auction houses and/or outsourcing companies to dispose of properties. You can contact any AGREED Team representative to view and bid on these properties.
Please be advised that you will be required to show proof of sufficient funds and/or mortgage ability in order to view or bid on any property. Although you may be able to purchase a property using a mortgage, most auction sales are treated as cash and you are expected to close in a timely manner or risk losing your earnest money deposit.