Presidential Plaza Apartments
16810 Lahser Road, Detroit, MI 48219
Property Details
Building Size
48 SF
Year Built
1963
Stories
2
Parking
58
Building Class
B
Zoning
R-1
Parcel ID
22-11335-961
Price
$3,600,000
Min Available
48 SF
Max Contiguous
48 SF
Information deemed reliable but not guaranteed. Subject to errors, omissions, change of price or conditions, prior sale or lease, or withdrawal without notice. See full disclaimer
Description
Newly renovated 48 unit apartment complex in northwest Detroit. Great potential for a motivated Buyer to push to a 10%+ cap rate. 3 layer keypad security - gate, building and room. Loan assumption available as an option. Many amenities in the surrounding area (Meijer, banks, restaurants, etc.)
Location
East side of Lahser Road, south of McNichols Road.
Highlights
- 48 unit apartment complex - 36 units currently occupied
- Actuals & projected NOI included - 11.89% upside cap at ask
- NEW current market rent of $895/mo
- Month-to-month tenants pay $920/mo
- 47/48 units completely remodeled from 2018-2022
- Full firestone roof replacement in 2014 (25 yr warranty)
Location
Demographics
| 1-Mile Radius | 3-Mile Radius | 5-Mile Radius | |
|---|---|---|---|
| Total Population | 13,199 | 119,536 | 337,110 |
| Total Households | 5,062 | 47,766 | 136,379 |
| Persons / Household | 2.59 | 2.49 | 2.45 |
| Avg. Household Income | $46,940 | $62,476 | $67,928 |
| Per-Capita Income | $18,499 | $26,224 | $28,776 |
| Avg. Home Value | $117,428 | $141,344 | $162,857 |
| Median Age | 34.0 | 37.6 | 38.7 |
Source: US Census Bureau ACS 2024 5-Year Estimates.
