8 Units, 4 buildings on 1.364 acres in Fraser

Multi-Family for Sale
Catylist Listing ID: 30345196
Property Subtypes: Duplex/Fourplex
Number of Units: 8 Units
Building Size (RSF): 7,171 SF
Gross Land Area: 1.36 Acres
Sale Price: $499,000
Unit Price: $62,375 Per Unit
Property Use Type: Investment
Sale Terms: Cash to Seller
Cap Rate: 9.68%
Last Updated: 11/16/2018

Overview / Comments

Lots of upside potential for this unique 8 unit complex nestled in Fraser on 1.364 acres with plenty of room to grow! This property boasts of 4 buildings: 2 duplexes, 1 Quadprex and an @1,320 sq, ft.building that is presently used for storage. Storage building has glass block windows, & 1 car garage roll up door. Pride of ownership is seen throughout this complex. Fraser now inspects their rentals. City Certs just completed on these units! This property is currently zoned RH. which lends to many different possibilities in residential multi-family living according to the City. Owner was told they could build more rental units or other use. Lot is splitable. (Please check with City of Fraser as to the possibilities of this property) This property's great location is lined with small condo complex to the East,residential homes to the West and Somerset Park right across the street! What ever you choose this hidden gem has the future growth potential you would want in an investment, while having a solid present rent income. Please only confirmed appointments, owner doesn't want tenants approached. There are some long term tenants that they don't want to worry. The property has 2 duplexes which the tenants pay gas and electric because utilities are separate. The middle building is a Quadplex and the utilities are not separate so they are included in their rent. Owner pays water, sewer, grass, outside maintenance and snow removal for all units. Owner had never measured inside of units, so square footage of units are based on City's record of square footage of buildings divided into units. In other words a guess!

Unit Type Bath Square Ft. Rent
2 bed 1 @858 $800.00
2 bed 1 @858 $750.00
1 bed 1 @895 $800.00
1 bed 1 @895 $850.00
Studio 1 @634 $700.00
3 bed 1 @1,071 $1,300.00
2 bed 1 @975 $700.00
2 bed 1 @976 $750.00

Annl Gross Rents @$79,800
Annl Net Inc: @$48,308
Monthly Rent @$6650.00 call 248-379-3919 for 2 years rent rolls

4th building is being used for storage. It is approx 1,320 square footage. At one time seller was told that it was heated and had electricity. They never looked into this and only use it as storage at this time. It has a roll up garage door, glass block windows on back, two picture windows and front door on front.

These buildings sit on a beautiful grassy lot with evergreens and mature trees. The property has fencing on 3 sides. They have a gathering fire pit for the tenants, nice views seen from all windows! This complex is nicely located to Mall, grocery, and right around easy access to I94 expressway. Amenities are close enough to walk too!

Buyer to verify all information to its accuracy. Please direct questions about zoning and use to the City of Fraser to verify all information. City Planner works for Mckenna from Northville. Contact person is Sarah Traxler. 248-596-0920. Vice President.

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Macomb
Submarket/Township: Macomb East
Taxing Authority: Fraser, Mi.
Tax ID/APN: 1405427031
Zoning: RH
Percent Occupied: 100%
Community Amenities: Play Ground
Property Located Between: South of 14 Mile and West of Kelly
Highway Access: I-94 one mile away, close to 696.
Airports: Detroit Metro
Site Description: Pride of Ownership is shown inside and out. Buildings are nicely landscaped, mature trees and lots of grass. Parking lot just re-sealed with spaces freshly painted.
Area Description: Close hop on I94, situated close enough to walk to stores. Mall just down the street, Wooded Park with play equipment right across the street
Total Number of Buildings: 4
Property Condition: Good
Number of Stories: 2
Year Built: 1920
Year Renovated: 2015
Construction/Siding: Aluminum Siding, Block, Vinyl Siding
Exterior Description: Pride of Ownership shows, parking area resurfaced 2018, new windows in one building within last 4 years
Parking Type: Surface
Parking Description: Re-sealed 2018, fresh marked parking spaces, outside lights
Laundry: In Each Unit
Heat Type: Natural Gas, Hot Water
Heat Source: Baseboard
Fuel: Gas
Air Conditioning: Window Unit
Interior Description: 7 of the 8 units have been gone through, stove, refrigerator, washer & dryer in all units. They have done a lot of updating in baths, kitchens, flooring.
Zoning Description: RH
Lot Frontage: 198
Lot Depth: 300
Water Service: Municipal
Sewer Type: Municipal
Easements: Utilities
Land Ownership: Privately owner
Legal Description: T1N R13E SEC 5 COMM AT CEN POST SEC 5; TH S89*29'E 2153.93 FT TO POB; TH S89* 29'E 198.08 FT ALG E & W 1/4 LINE SEC 5 OR MASONIC BLVD; TH S0*17'25"E 350.03 FT; TH N89*29'W 198.08 FT; TH N0*17'25"W 350.03 FT TO POB.; EXC ROW. 1.36 ACRES

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,990 143,710 359,798
Median Age: 38.66 41.03 41.18
Households: 7,383 60,193 150,565


Photograph of Listing Agent

Alexander Pandoff

GAP Realty Group CPIX Member
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