Investment Overview

Marcus & Millichap is proud to present the exclusive listing of Parkview Apartments, located at 75 E Great Lakes in River Rouge, Michigan. Situated in one of the best locations the city has to offer, this property sits right across the street from Memorial Park and just a few houses off of major thoroughfare Jefferson Ave. Located close to public transit systems and just a short drive to Interstate 75, residents are able to get anywhere in the area quickly. Parkview Apartments is comprised of 15 total units including one studio unit, 12 one-bed / one-bath units and two, two-bed / one-bath units. The average rent for the property is currently $635 per month, which is $213 below the market average rents. Ownership is currently achieving rents close to market on recently turned units without making any unit upgrades, but the majority of rents at the property are very low. Currently residents pay for their own electricity, but water/sewer, gas and trash are included in the monthly rental charges. During the last 30 years of current ownership, the building has seen a vast number of capital improvements. Recent major capital expenditures include a new roof and boiler in the last five years as well as windows that are less than 10 years old. Additionally, the majority of the electrical panels have been updated. Within the past few weeks, all common area hallways and stairways have received high quality new carpeting and treads for the stairs. This property has onsite storage located in the bottom level for residents along with coin operated laundry that brings in additional income for ownership.