20 unit apartment building that include seventeen spacious "1 bedroom" apartments and three "2 bedroom" apartments. The building needs extensive renovation. Building was previously remodeled in the 1990's by Friendship Forest Church before suffering vandalism. Interior mechanical and most electrical are stripped. Updated PVC drain lines are in basement but baths & plumbing fixtures are stripped. Brickwork is in good condition. Flat roof has silver side rubber membrane. Apartments were set up for individual meters and circuit breaker panels in each apartment. Last three photos shows sample photos from similar renovated buildings. There are some limited views of the Detroit's Downtown skyline from the roof. -There may be potential to add another apartment unit on garden level to bring the total units to "21". -There is also the potential to customize a first floor apartment to provide access to part of the the nearly 10 foot tall storage area on the garden level to make a desirable loft style unit. -Several upcoming developments in the Russell Woods area is one of the seven Detroit neighborhoods receiving from a pool of over $100 million dollars in grants for revitalization. May be eligible for Historic Building Credits. MSHDA, expanded LIHTC housing credits, CBDG funds and other financing & grant incentives to assist in remodeling. -Also may be eligible for C-PACE/Commercial PACE Financing. Apartments have 9 foot tall ceilings, with oak hardwood floors and their is potential for much exposed brick walls. Elevator is not needed as building is three stories with two additional garden level apartments. 9 foot ceilings allow room for soffits for mechanical as an option to install separate hvac units in each apartment instead of baseboard/boiler heat, can also install mini split/ptac units in apartments -Approximately 2 miles to University of Detroit Campus/Livernois Avenue of fashion District, 1.5 miles to Boston Edison Area, 4 miles to Mid-Town, Wayne State, 6 miles to Downtown Detroit and 5 miles to Ferndale. Can provide link to Russell Woods-Nardin Park study and future planning report. Lockbox access is on building. Estimated potential cash flow for the 17 one bedroom units at $725 per month and 3 two bedroom units at $800 per month. -Solid ROI potential with total projected rent per month $14,150 per month and total annual rent potential of $157,800 to $169,900 per year. -Off-street parking on Broadstreet. -Property taxes are current and are approximately $1500 total per year. After renovation the estimated potential cash flow for the 17 one bedroom units at $725 per month and 3 two bedroom units at $800 per month. -Solid ROI potential with total projected rent per month of $14,725 per month and total annual rent potential of $176,700 per year. -Off-street parking on Broadstreet. -small courtyard area can be a zen garden/patio area Exterior cleanup work is in progress. -Property taxes are approximately $1500 total per year.
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