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Offers above US$150,000 or just US$3,000 per apartment now being considered by the owners.
Refurbishment Opportunity with an estimated 50% gross annual rental yield and a completed exit value of $1,200,000 million in the current market.
Located in an upmarket suburb of Detroit that attracts families and professional residents, this well built brick complex of 30 apartments is vacant and in need of refurbishment.
Sold on a 125 year lease with free and clear title guaranteed.
Project costings have been submitted at an average price of $6,500 per apartment totaling 195,000 US$. The time scale for full refurbishment is 3-6 months.
The refurbishment would create the most attractive rental living environment in the area and command an estimated gross annual rent roll of 180,000 US$
The completed building would have a re-sale value of US$1,200,000-1,500,000 in the current market driven by its strong rental income yield and the fact it has been recently completely refurbished.
This valuation does not allow for any market value appreciation and apartments of this size in this area were selling at US$70,000-90,000 in 2007 valuing the complex at nearly US$3,000,000.
Rentable square feet 37,443 sq ft
Grounds of 2 acres
Accommodation: 8x 1 Bedroom Apartments
22x 2 Bedroom Apartments
Walking distance from the city of Detroit’s ONLY Private Golf Course.
Gross Potential Rental Income: $180,000 Per Annum calculated at US$ 0.40 per sq ft of rentable area against local rental comparisons which are currently as high as US$ 0.55-0.65 per sq ft.
Follow Warren Buffet’s recent advice by buying and refurbishing vacant property assets that will only increase in value whilst providing a significant rental income every month.
Quality property such as this is the cheapest it has been for 80 years and an amazing investment.
No pension or stock market investment will ever be able to offer such security and returns.
This purchase will be transacted by a qualified U.S. real estate lawyer who will be officially overseeing that the correct processes are followed and who can also assist the buyers with ownership structuring and tax planning advice if required.
Please contact info@aspreyrealestate.com with further enquiries.

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