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  • $295,000
    •
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    CHECK IF AVAILABLE
  • 2 bedrooms
  • Apartment / Flat  2 bedrooms
  • For Sale 
  • Michigan City
  • united states Flag United States
Refurbishment Opportunity with an
estimated 50% gross annual rental yield
and a completed exit value of $1,200,000
million in the current market.

Located in an upmarket suburb of Detroit
that attracts families and professional
residents, this well built brick complex of 30
apartments is vacant and in need of
refurbishment.

Sold on a 125 year lease with free and clear
title guaranteed.

Project costings have been submitted at an
average price of $6,500 per apartment
totaling 195,000 US$. The time scale for full
refurbishment is 3-6 months.

The refurbishment would create the most
attractive rental living environment in the
area and command an estimated gross
annual rent roll of 180,000 US$

The completed building would have a re-
sale value of US$1,200,000-1,500,000 in
the current market driven by its strong rental
income yield and the fact it has been
recently completely refurbished.

This valuation does not allow for any market
value appreciation and apartments of this
size in this area were selling at US$70,000-
90,000 in 2007 valuing the complex at
nearly US$3,000,000.

Rentable square feet 37,443 sq ft

Grounds of 2 acres

Accommodation: 8x 1 Bedroom
Apartments
22x 2 Bedroom Apartments

Walking distance from the city of Detroit`s
ONLY Private Golf Course.

Gross Potential Rental Income: $180,000
Per Annum calculated at US$ 0.40 per sq ft
of rentable area against local rental
comparisons which are currently as high as
US$ 0.55-0.65 per sq ft.

Follow Warren Buffet`s recent advice by
buying and refurbishing vacant property
assets that will only increase in value whilst
providing a significant rental income every
month.
Quality property such as this is the
cheapest it has been for 80 years and an
amazing investment.

No pension or stock market investment will
ever be able to offer such security and
returns.

This purchase will be transacted by a
qualified U.S. real estate lawyer who will be
officially overseeing that the correct
processes are followed and who can also
assist the buyers with ownership structuring
and tax planning advice if required.

Please contact
with further enquiries.
Refurbishment Opportunity with an
estimated 50% gross annual rental yield
and a completed exit value of $1,200,000
million in the current market.

Located in an upmarket suburb of Detroit
that attracts families and professional
residents, this well built brick complex of 30
apartments is vacant and in need of
refurbishmen...
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