The Opportunity

• 5764 Woodward is a stabilized 6 unit apartment building, with a 7th unit in the garden level as a value add proponent. The property was renovated down to the studs in 2020 with all new electrical, plumbing, appliances, and fixtures. There are 6, three units two bath units that are occupied at an average rent of $2,050 per month. The 7th unit is a two bedroom one bath unit that is in the garden level - that will need electrical, plumbing, and a full remodel. The property also has a billboard on roof that is collecting $12,500 per year annually, for the next 10 years. There are 6 parking spaces in the rear of the building, and free street parking directly next to the building. Shared laundry is in the basement.
• The property is currently about 10% under market rent based on what is available in the immediate area. Renovating and renting the existing 7th unit would bring in an additional $22,200 per year. There is a property tax abatement that is currently in place, that freezes the property taxes on the building for the next 10 years, which is a huge advantage. Getting the 7th unit up, and increasing the rents to market would increase the NOI by around $36,600 per year, which is $610,000 in value based on a 6% CAP rate.
• The property is located directly on Woodward Ave, which is a short drive or walk to anywhere in the City. Wayne state is directly adjacent to the property - making these units very attractive for students and professors. The property is walkable to many popular restaurants and bars including Hopcat and Urban Ramen.