Kelly Rd Apts
Eastpointe, MI
Number of Units
29
Number of Properties
3
Total Building SF
25200
Sale Price
$2,715,000
Cap Rate
8.00%
Cap Rate - Year 2
9.30%
NOI
$217,272
NOI - Year 2
$252,328
Occupancy (blended)
100.00%
 
Investment Overview
The Kelly Road Apartments features 29 units across 3 properties located on Kelly Road, Eastpointe Michigan. The properties are 100% occupied grossing over $361,000 per year.
The properties were built in 1958 and 1964. All three properties are heated by a hot water boiler, and have common hot water tanks. Tenants may chose to purchase a window AC unit for the summer. The landlord pays for heat and water, and the tenant pays their own electric.
Rents are strong across the portfolio, however compared to the highest rent achieved at each property, there is room to increase rents by about $50 - $75 per unit.
Sales Process
The owners would prefer to sell the properties together, however, individual sales will be considered.
23301 Kelly Rd
23301 Kelly Rd, Eastpointe , MI 48201
$685,000
Number of Units
7
Year Built
1957
Building SF
3,200
22270 Kelly Rd
23301 Kelly Rd, Eastpointe , MI 48201
$915,000
Number of Units
10
Year Built
1968
Building SF
8,480
21440 Kelly Rd
23301 Kelly Rd, Eastpointe , MI 48201
$1,115,000
Number of Units
12
Year Built
1968
Building SF
9,457