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.