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Multifamily

Mclain Apartments

1738 & 1750 Mclain Ave, Lincoln Park, MI 48146

Listing Price: $875,000

Cap Rate
6.62%
Number of Units
12
Price/Unit
$72,917
Price/Gross SF
$30.90
Gross SF
28,314

Investment Overview

Marcus & Millichap is pleased to present Mclain Apartments, a very strong and stable multifamily opportunity in Lincoln Park, Michigan. The property consists of two, six-unit multifamily buildings on one land parcel. All twelve units are one-bedroom with one-bathroom, and have maintained 100 percent occupancy since 2014. Primary access to the area is provided by I-75 and I-94, major highways that extend to virtually any section of Detroit Metropolitan area. Mclain Avenue is a residential side street and there are no secondary access roads to the property. Within just four miles of the property, there is plenty of retail shopping (Southfield Mall in Taylor), restaurants along Dix-Toledo Road and Southfield Road, the local fire and police stations, an elementary/middle school and a high school!

Investment Highlights

  • The Detroit Metropolitan Airport is located seven miles from the property, about a 15-minute drive
  • Downtown Detroit, the economic and cultural center of both the region and the state of Michigan as a whole, is only nine miles from the property, about a 17-minute drive via I-75 South
  • Situated east of Dixie Highway and south of Southfield Road, Mclain Apartments are part of the Downriver/South Wayne submarket
  • The selling partnership has owned the property since 2012, and they have consistently achieved 100 percent occupancy since they began investing in the property and raising rents back in 2014
  • Unit features: Carpet, Freezer, Garbage disposal, Laminate flooring, Refrigerator, AC: Central, Heating: Gas
  • Exterior Features: Lawn, Building Areas: Storage Available
  • Special Features: Convection Oven, Laminate Flooring, In-Unit Laundry

Exclusively Listed By

Listing Price: $875,000

Cap Rate
6.62%
Number of Units
12
Price/Unit
$72,917
Price/Gross SF
$30.90
Gross SF
28,314

Investment Highlights

  • The Detroit Metropolitan Airport is located seven miles from the property, about a 15-minute drive
  • Downtown Detroit, the economic and cultural center of both the region and the state of Michigan as a whole, is only nine miles from the property, about a 17-minute drive via I-75 South
  • Situated east of Dixie Highway and south of Southfield Road, Mclain Apartments are part of the Downriver/South Wayne submarket
  • The selling partnership has owned the property since 2012, and they have consistently achieved 100 percent occupancy since they began investing in the property and raising rents back in 2014
  • Unit features: Carpet, Freezer, Garbage disposal, Laminate flooring, Refrigerator, AC: Central, Heating: Gas
  • Exterior Features: Lawn, Building Areas: Storage Available
  • Special Features: Convection Oven, Laminate Flooring, In-Unit Laundry

Investment Overview

Marcus & Millichap is pleased to present Mclain Apartments, a very strong and stable multifamily opportunity in Lincoln Park, Michigan. The property consists of two, six-unit multifamily buildings on one land parcel. All twelve units are one-bedroom with one-bathroom, and have maintained 100 percent occupancy since 2014. Primary access to the area is provided by I-75 and I-94, major highways that extend to virtually any section of Detroit Metropolitan area. Mclain Avenue is a residential side street and there are no secondary access roads to the property. Within just four miles of the property, there is plenty of retail shopping (Southfield Mall in Taylor), restaurants along Dix-Toledo Road and Southfield Road, the local fire and police stations, an elementary/middle school and a high school!

Exclusively Listed By

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