Bloomfield Hills-based Income Property Organization, a customized brokerage services company, today announced the offering of a portfolio of properties located in Detroit’s New Center district, including two apartment communities and one single-family home, for a total of 89 units.
The portfolio includes 80 Seward Apartments, a 47-unit apartment community, and Hazelwood Manor Apartments, a 41-unit structure, both within walking distance of the QLine.
“The New Center area (continues) to experience an influx of development dollars,” says Greg Coulter, broker and managing member. He adds that the portfolio is approximately 98 percent occupied and will provide cash flow from the onset.
The 80 Seward Apartments have a balanced unit mix, with 27 studio and 20 one-bedroom units, and amenities include on-site laundry, telecommunication, and secure entry. Coulter adds that the current units have “plenty of charm,” but lack the upgrades necessary to attract premium tenants.
The Hazelwood Apartments have seen more than $800,000 in investments in the past few years, including installation of new windows, exterior steel doors and locksets, front fencing and gates, security cameras, and a new front awning and gutter system. More than 50 percent of the units have been renovated, and approximately 75 percent of appliances in the units have been replaced. There is also a new boiler, roof, and elevator system.
The house included in the portfolio is a 1,663-square foot, four-bedroom, single family home that has been renovated and is adjoined to the Hazelwood building. There is a vacant parcel across the street that can provide additional parking, as well. The complex is located less than two blocks west of Woodward Avenue and less than a mile from Henry Ford Hospital and Grand Boulevard.
The portfolio can be split and all offers will be entertained. While the properties are “unpriced,” Income Property Organization is confident a bidder could acquire the units at “below market rental rates.” The deadline for bids is June 15.
More information about the properties can be found here, or by contacting Greg Coulter at (248) 932-0300.