250 Merton Rd Highland Park, MI 48203
361 Covington Dr Highland Park, MI 48203
361 Merton Rd Highland Park, MI 48203
381 Covington Dr Highland Park, MI 48203
700 Whitmore Rd Detroit, MI 48203
843 Whitmore Rd Detroit, MI 48203
17111 2nd Ave Detroit, MI 48203
- 235 Units
- 22.35% Proforma Cap
- Value-Add
- Detroit, MI
Portfolio Description
The Waller Group is proud to present the vacant, 235-unit value-add portfolio in Detroit, MI. The property is available because current ownership is looking to reinvest proceeds. Three of the properties are in established Neighborhood Enterprise Zones (NEZ) with tax abatements equal to the value of more than $1,000,000 over the next 15 years. The remaining properties are in process for NEZ establishment. All of the 7 properties qualify for Historic Tax Credits with a value greater than $5,000,000 over the next 3 years. NEZ tax abatements should permit new owner to freeze the taxable value of the rehabilitated portion of the properties for up to 15 years. Of the 7 properties, 2 were occupied until 2021 and have demolition complete and permits in-hand and the remaining 5 properties have been vacant for a period of years. Proforma financials were underwritten using a market survey of comparable rents. Expenses were estimated based on similar properties in the Detroit MSA.