Red hot for years, the market for apartment buildings hasn’t cooled—even during what has arguably been the biggest business stoppage since the Great Depression. Every other real estate market has suffered from COVID. But in multi-family, prices per unit have risen. Some, like a building I recently sold in Plymouth, have tripled!
The 18-unit property is a plain-Jane-sort of complex. No special features except a good location. Yet we were flooded with more than 250 inquiries, which resulted in several offers, some over list price. The one the seller chose tripled the return on his ten-year investment—and it wasn’t the highest offer.
What’s going on here?
The 250+ investors who showed interest in the Plymouth building are still looking for other investment opportunities to pursue. If you’ve considered selling your property, now may be the time to capitalize on the momentum of the market and the buyers we’ve procured. Call me to learn more at 248 476-3700 or svalli@thomasduke.com.
