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  • Writer's pictureDeal Desk

MULTIFAMILY: (63 Units) Detroit, MI 48215 [OFF-MARKET]

Updated: 6 days ago




Real Estate Investment Property


$4,299,000


Off-Market Listing: The Bridge Apartments - Rare Opportunity in Detroit's Opportunity Zone


Property Overview


  • Name: The Bridge Apartments

  • Location: 1020-1060 Alter Road, Detroit, MI 48215

  • Asking Price: $4,299,000

  • Property Type: Multifamily

  • No. of Units: 63

  • Lot Size: 0.68 AC

  • Building Size: 32,230 SF

  • Year Built: 1926

  • Building Class: C

  • Occupancy: 96.8%

  • Apartment Style: Garden

  • No. of Stories: 2

  • Gross Rental Income: $532,764

  • Net Operating Income: $284,542

  • Cap Rate: 6.62%


Investment Highlights:


  • Opportunity Zone: Strategically located in an Opportunity Zone on the border of Grosse Pointe Park, offering potential tax benefits for savvy investors.

  • Prime Location: Proximity to family-friendly destinations, schools, churches, and retail properties.

  • Cultural Hub: Adjacent to a new $45 million performing and visual arts facility, enhancing the cultural appeal of the area.

  • Strategic Distance: 7 miles from Downtown Detroit, 4 miles from the MacArthur Bridge to Belle Isle, and 2 miles from Stellantis’ Jefferson North Assembly Plant.

  • Historic Charm: A historic multi-family asset with timeless appeal, reflecting the architectural charm of its 1926 construction.


Property Features:


  • Unit Amenities: Air Conditioning, Heating, Kitchen with Refrigerator and Range, Tub/Shower

  • Site Amenities: Laundry Service, Bicycle Storage


Transportation:


  • Transit Options: Multiple Detroit People Mover stops within a 15-17 minute drive, connecting to key locations including the Renaissance Center, Bricktown, Greektown, Millender Center, and Cadillac Center.

  • Airports: Detroit City Airport - 16 min drive (6.6 mi), Detroit Metropolitan Airport - 45 min drive (29.7 mi)


Financial Overview:


  • Detailed Profit and Loss statement through October 2023 and budgeted figures for November and December available in the provided Excel file.

  • Offering Memorandum includes comprehensive details on financial incentives, market highlights, floor plans, and more.


Property Taxes and Zoning:


  • Parcel Number: 21-062702

  • Improvements Assessment: $0

  • Land Assessment: $0

  • Total Assessment: $605,000

  • Zoning: B4 (General Business District) - Ideal for multifamily investments.


Contact:


This off-market listing presents a unique opportunity for multifamily buyers interested in Detroit investments. Act now to explore the potential of The Bridge Apartments and make a lasting investment in Detroit's thriving real estate market.

Financials:


Opportunity Zone:



Market Area



Photos




Financials






Harvest River Partners

Eric Brinson

Principal

Mobile: 615-987-7897


*Note* You DO NOT have permission to market this property in anyway to anyone on any social media platforms, email, or direct to someone you know. You DO NOT have permission to mark up the property for your profit. If you know someone who may want to invest with us on this property contact ericb@harvestriverpartners.com directly to discuss. This is an off-market investment opportunity.




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