Palmer Park Detroit Portfolio

04-26-2022
06-30-2022

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.

Key Portfolio Information

Listing Status
Under Contract
Listing Type
Highest & best offer
Price
$ 6,000,000
Year Built
1924
Building Size
195,892 Sq ft
Price per unit
0
Opportunity Zone
Off
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42.418833, -83.107487

42.41964, -83.109142

42.41833, -83.108975

42.419803, -83.10931

42.419633, -83.112202

42.419743, -83.114674

42.417942, -83.109998

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