3700 PASADENA Street, Detroit, MI 48238

Property Description

***MOTIVATED SELLER*** Commercial minded investors are always looking for a great building that offers both value add, as well as long term appreciation. This is the play. The building is very well maintained. There are 10 total units with 8 (1 Bed) and 2 (2 Bed). Currently nine units are occupied and paying rent each month. There is 1 eviction recently completed. THis unit is currently being worked on. Seller has invested over 100k updating this building. It needs next to nothing. You can take over this asset with 90% occupancy. Only 1 unit to turn and you’ll be fully performing. Or we can place the new tenant prior to the sale. The current rents are below market so there is also a ton of room to improve the building by increasing rents overall. There are multiple gas meter hookups to split utilities, or initiate rubs to offset costs for the next owner. The NOI here can be increased greatly making this achieve over 10% CAP with only some minor improvements. This area has undergone millions in upgrades over the last 2 years. If you're looking for long term growth this would a place to consider. Seller WILL LOOK AT ALL REASONABLE OFFERS. Send one over and lets get this deal done