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CONFIDENTIAL OFFERING MEMORANDUM
INCOME PROPERTY
ORGANIZATION
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
2
INCOME PROPERTY
ORGANIZATION
Islandview Apartments
Detroit, Michigan 72 units Bid Deadline: November 20th, 2017
For more information contact:
Income Property Organization
6421 Inkster, Suite 200 Bloomfield Hills, MI 48301 Telephone: (248) 932-0300 Fax: (248) 932-0301 Website www.incomepo.com
Please do not under any circumstances alert the management of the marketing of the property, this will discourage the principals. The information herein has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness, Any projections, opinions, assumptions or estimates used are for the example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors, which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Offering is subject to errors, prior sales, lease change, withdrawal without notice, and approval of the purchase/tenant by owner. It is hereby disclosed that the broker or his agents are representing the Seller unless otherwise state.
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
3
INCOME PROPERTY
ORGANIZATION
Offering Summary
Income Property Organization is pleased to present Islandview Apartments, which consists of 73 units, and is located in downtown Detroit, Michigan. The
offer deadline is 4:00 p.m. EST on November 20th, 2017; however, Ownership will take into consideration all offers received prior to the expiration of this
deadline. If an acceptable offer is received prior to the deadline, Ownership reserves the right to forgo the remaining marketing process.
EXECUTIVE SUMMARY:
Islandview is comprised of one 73-unit midrise-style building with ample off-street parking in a secure-gated lot adjacent to the building. The property is
located near the intersection of Field St. and East Jefferson Avenue in the Islandview district of downtown Detroit. As a result of this excellent location
residents enjoy easy access to all that downtown has to offer and are also in close proximity to Belle Isle Park and the Pointes.
With respect to financial performance, the property has historically performed exceptionally well and is continuing to trend in a positive direction with respect
to occupancy and rental rates. Currently Islandview is operating at 96% occupancy and has maintained this level for many years. Per a detailed review of the
surrounding rental market it has come to our attention that the rents at Islandview, which average $491, or $1.09 per square foot for studio, $578, or 89¢ per
square foot for a one-bedroom unit and $672, or 88¢ per square foot for a two-bedroom unit, are considerably below market. Current Ownership has
maintained these below market rental rates to ensure limited turnover; however, this provides a new owner an opportunity to greatly improve the assets financial
position by increasing rents to market levels and possibly even instituting a water surcharge. This conclusion is fortified by the practical observation that
anytime an apartment community is nearing 100% occupancy it is a market signal that the rental rates can be increased. Please see our Rent Comparable
analysis found on page 18 for more information.
As for the property itself, Islandivew was built in 1950 and is comprised of 11 studios (approximately 450 ft.2),
46 one-bedrooms (approximately 653 ft.2) and 16 spacious 767 ft.2 two-bedroom units. The property has
received numerous renovations in recent years including unit upgrades, common area upgrades, a new boiler
system and the secure gated parking lot. From a utility standpoint, tenants are responsible for their own in-
unit electric and the landlord supplies common area electric, water and gas for the hot-water baseboard heating
system. Notable for investors is the numerous office spaces that are located off the main lobby of Islandview.
Currently these offices are being utilized by ownership; however, a new owner could easily make these spaces
available for rent.
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
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INCOME PROPERTY
ORGANIZATION
MARKET OVERVIEW – DETROIT:
The City of Detroit, it is not only Michigan’s largest city, but also the seat of Wayne County, whose population exceeds 1.8 million. Detroit is the major
cultural, financial, and transportation center in the Metro Detroit area, and serves as the major port on the Detroit River connecting the Great Lakes system to
world markets. In 2010, the city had a population 713,777 and ranked as the 18th most populous city in the United States. The Detroit-Windsor area, a critical
commercial link straddling the Canada-U.S. border, has a total population of about 5.7 million.
Detroit is the birthplace of the automobile and is synonymous with the American automobile industry. Downtown Detroit has seen an explosive revitalization
in recent years, and has become the preeminent entertainment destination in Southeastern Michigan. With the opening of three new casino resort hotels, two
new stadiums (with a third on the way) and the continued redevelopment of the Detroit Riverwalk, social activities are abound. Shrewd and well-capitalized
investors are vying for access to the downtown, midtown and riverfront submarkets. Several other noteworthy
developments are also underway in Detroit, signaling a renaissance that has finally begun to materialize.
From a multifamily standpoint, the City of Detroit is perhaps one of the most sought after markets in the country both from
an investor and renter standpoint. As of late rental rates in the downtown are reaching levels over $2.00 per square foot,
which is consistent with other major metropolitan areas and an excellent indicator of this market’s potential for multifamily
investors. As rental rates in downtown have continued to rise it has pushed many quality renters out of this sub-market and
into the outlying areas. This in-turn has resulted in improved occupancy rates across the city as well as rising rental rates.
With no end in sight for revitalization of downtown, the future is very bright for the city as a whole.
SUBMARKET OVERVIEW – ISLANDVIEW:
Just west of West Village, Islandview is named for its close proximity to Detroit’s island park, Belle Isle. The neighborhood is bound by Jefferson on the south,
Mack Avenue to the north, Mt. Elliot to the west, and Baldwin Street on the east. Historic single and multi-family homes, apartments, and rowhouses populate
the eastern end of the neighborhood. The western end is home to non-profits like Gleaner’s Food Bank and Capuchin Soup Kitchen and its Earthworks Urban
Farming Project. Islandview Village is the western gateway to the Villages community. The eclectic array of stately turn-of-the century homes and smart,
mixed-used infill developments define an area that is helping “pull” the entire Eastside closer to Downtown without compromising the historic grandeur of
the neighborhood (courtesy of Live Detroit).
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
5
INCOME PROPERTY
ORGANIZATION
FINANCIAL:
Islandview is performing at a high level of operations, as is evidenced by its 96% occupancy rate; however, we are of the opinion that it is operating below its
true potential. As previously indicated, average rental rates at Islandview are well below market levels with one-bedroom units roughly $55 below market and
two-bedroom units approximately $21 below market (as compared to average market rents per square foot). This provides a new owner an incredible
opportunity to increase this assets NOI without making any financial investment into the property. For purposes of underwriting, IPO did not take into
consideration this potential for increased rents and underwrote Islandview conservatively with the use of average rents and vacancy and bad debt factors
consistent with current levels. With respect to expenses, we have based our projections on actual trailing-twelve operating expenses and included both a
Reserve for Replacement and taxes based on the State Equalized Value. With these underwriting assumptions we have projected an NOI of approximately
$211,966. Islandview is being offered to the market as an unpriced new debt opportunity, allowing for an operator to lock in a 10-year deal before the all-time
low interest rates begin to rise.
IPO has seen drastic improvement in pricing over the course of the last 36 months and it is our professional opinion that values will continue to trend upwards
into 2018 as a result of historically low multifamily inventory coupled with low interest rates and an abundance of equity and debt in the marketplace. Islandview
represents a stabilized asset with considerable upside potential that can be acquired at attractive pricing and provide handsome & steady returns to a multifamily
investor for many years to come. To arrange a confidential tour of this asset and to view the actual operating data, please click here to execute the electronic
Confidentiality Agreement.
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
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INCOME PROPERTY
ORGANIZATION
Table of Contents
SECTION I – PROPERTY SUMMARY
Offering Summary ................................................................................................................................................. 3-5
Table of Contents ..................................................................................................................................................... 6
Executive Summary ................................................................................................................................................. 7
Property Photos ..................................................................................................................................................... 8-9
Property Photos – Aerial ....................................................................................................................................... 10
Map to Complex ..................................................................................................................................................... 11
SECTION II – FINANCIAL SUMMARY
Unit Breakdown ...................................................................................................................................................... 12
Pro Forma Income & Expense ............................................................................................................................ 13
Purchase Information ............................................................................................................................................ 14
10-Year Appreciation and IRR Outlook ............................................................................................................. 15
IRR for 10-Year Hold ............................................................................................................................................ 16
SECTION III – MARKET SUMMARY
Rent Comparables ............................................................................................................................................ 17-18
Sales Comparables ............................................................................................................................................ 19-20
Demographics ......................................................................................................................................................... 21
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
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INCOME PROPERTY
ORGANIZATION
Executive Summary
General Information Building Information
Address: 445 Field St., Detroit, MI 48214 Total Units: 72
Cross Streets: Field & East Jefferson Year Built: 1950
County: Wayne Building Size ( Ft.2 ): 65,016
Occupancy: 96.0% Leasable Ft.2 : 47,260
Pre-Leased Occupancy: 94.0% Foundation: Poured Concrete & Concrete Block
Tenant Base: Working/Medium Income Exterior: Brick
Parcel Number: 1500751000% Style: Mid-Rise
Zoning: AE, Detroit Number of Buildings: 1
Site Acreage: 0.85 Number of Stories: 4.0
Parking: Secure Gated Parking Roof: Flat (Rubberized-Torch Down)
Laundry Facilities: On-Site, Leased Patio/Balconies: None
Amenities Heating: Hot-Water Baseboard
Dishwashers: No Cooling: Window Units (Landlord Supplied)
On-Site Office: Yes Water / Sewer: Landlord-Paid
Clubhouse: No Provider: City Water
Swimming Pool: No Electricity: Tenant-Paid
Fitness Center No Provider: DTE
Playground: No Natural Gas: Landlord-Paid
Newly Renovated: Yes Provider: DTE
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
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INCOME PROPERTY
ORGANIZATION
Property Photos
If viewing this file on your computer, click the
camera icon above to load a photo tour of
Islandivew Apartments
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9
INCOME PROPERTY
ORGANIZATION
Property Photos - Interior
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10
INCOME PROPERTY
ORGANIZATION
Property Photos – Aerial
If viewing this file on your computer, click the 360° icon to load an interactive street
level view of the area surrounding Islandview Apartments.
Internet Connection Required.
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11
INCOME PROPERTY
ORGANIZATION
Map to Complex
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
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INCOME PROPERTY
ORGANIZATION
Unit Breakdown
IPO is utilizing rents based on current average rents, which have been supported by our Rental Comparison. Click here to be taken to the Rental Comparison.
Islandview Unit Breakdown
Type Units Ft² +/- Average Rent $ /FT.² Monthly IncomeAnnual
Income
Studio 11 450 $491 $1.09 $5,401 $64,812
1 Bed / 1 Bath 46 653 $578 $0.89 $26,588 $319,056
2 Bed / 1 Bath 16 767 $672 $0.88 $10,752 $129,024
Total 73 47,260 $585 $0.95 $42,741 $512,892
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$-
$100
$200
$300
$400
$500
$600
$700
$800
Re
nt
/ FT
² /
Mo
nth
Re
nt
/ M
on
th
Unit Rent
Average Rent $ /FT.²
Unit Breakdown
Studio 1 Bed / 1 Bath 2 Bed / 1 Bath
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
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INCOME PROPERTY
ORGANIZATION
Pro Forma
Income & Expenses
Information deemed reliable- not guaranteed. We cannot assume responsibility for
its accuracy. Any assumptions, estimates, opinions or projections used here within
are for example purpose only and do not represent the current or future
performance of the property.
Footnotes:
The Pro Forma utilizes actual average rental rates to produce the Gross Potential and applies a vacancy and bad debt factor that is consistent with projected property trends.
The Expenses are based on actual T-12 operating expenses. IPO has also applied a market rate management fee and estimated Reserve for Replacement.
The taxes have been adjusted to the SEV and include a 1.0% administration fee. For specific tax information please see the Overview.
Islandview
Income & Expense 72
Pro Forma Budget Units
Income:
Gross Potential: 512,892$
Vacancy: 4.0% (20,516)
Bad Debt: 1.0% (5,129) Monthly
Adjusted Gross: 487,247 $40,604
Other Income: 6,305
Gross Operating Income: 493,552$
Expenses:
Administrative/Operating: Expenses Per unit % of Exp
General & Administrative 4,728$ 66$ 1.68%
Legal Fees 6,557$ 91$ 2.33%
Management Fee 4.00% 19,742$ 274$ 7.01%
Payroll 40,294$ 560$ 14.31%
Maintenance:
Repair & Maintenance 28,472$ 395$ 10.11%
Trash, Lawn & Snow 5,904$ 82$ 2.10%
Utilities:
Gas 23,181$ 322$ 8.23%
Electric 27,470$ 382$ 9.76%
Water & Sewer 50,112$ 696$ 17.80%
Fixed:
Insurance - Property & Liability 20,186$ 280$ 7.17%
Replacement Reserves $200 14,400$ 200$ 5.11%
Property Tax 40,541$ 563$ 14.40%
Total Operating Expense: (281,587)$ (3,911)$
Net Operating Income: 211,966$
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
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INCOME PROPERTY
ORGANIZATION
Purchase Information
Purchase Price: Price Determined by Market
Terms: Cash to New Mortgage
Offer Deadline: 4:00 pm (EST) - 11/8/2017
Assessor Data
True Cash Value 894,400$
SEV 447,200$
Taxable Value 444,565$
Non-Homestead Millage 0.08886810
Land 178,880$
Parcel ID 15007510
R.E. Taxes 39,507.65$
Date prepared: 10/4/2017
Pertinent Indicators
Expenses per unit (3,911)$
Expense to Income ratio 57.05%
Income per unit (Monthly) 571.24$
Average Sq. Ft. (Per Unit) 656
Debt Service Coverage 1.52
Cash Flow (BT) 72,420$
ROI YR.1 (BT) 9.66%
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
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INCOME PROPERTY
ORGANIZATION
10-Year Appreciation and IRR Outlook
Income Increase 3.00%
Expense Increase 3.00%
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
INCOME 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Gross Potential: 512,892 528,279 544,127 560,451 577,264 594,582 612,420 630,792 649,716 669,208 689,284
Vacancy: (20,516) (21,131) (21,765) (22,418) (23,091) (23,783) (24,497) (25,232) (25,989) (26,768) (27,571)
Adjusted Gross: 487,247 501,865 516,921 532,428 548,401 564,853 581,799 599,253 617,230 635,747 654,820
Misc.: #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!
EFFECTIVE GROSS INC.: 493,552 508,359 523,610 539,318 555,498 572,163 589,327 607,007 625,217 643,974 663,293
EXPENSES: 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Administrative: 71,321 73,461 75,665 77,934 80,273 82,681 85,161 87,716 90,347 93,058 95,850
Maintenance: 34,376 35,407 36,469 37,564 38,690 39,851 41,047 42,278 43,546 44,853 46,198
Utilities: 100,763 103,786 106,899 110,106 113,410 116,812 120,316 123,926 127,644 131,473 135,417
Fixed: 75,127 77,380 79,702 82,093 84,556 87,092 89,705 92,396 95,168 98,023 100,964
Total Expense: 281,587 290,034 298,735 307,697 316,928 326,436 336,229 346,316 356,706 367,407 378,429
NET OPERATING INC. 211,966 218,325$ 224,874$ 231,621$ 238,569$ 245,726$ 253,098$ 260,691$ 268,512$ 276,567$ 284,864$
Appreciation 2.91% 2.91% 2.91% 2.91% 2.91% 2.91% 2.91% 2.91% 2.91% 2.91%
% 1st Mort or Assumption (104,328) (102,647) (100,887) (99,042) (97,110) (95,085) (92,963) (90,741) (88,412) (85,973)
% 2nd Mort 0 0 0 0 0 0 0 0 0 0
Cost recovery Imp. 87,273$ 87,273$ 87,273$ 87,273$ 87,273$ 87,273$ 87,273$ 87,273$ 87,273$ 87,273$
R.E. Taxable Inc. 20,365$ 28,405$ 36,715$ 45,306$ 54,187$ 63,369$ 72,862$ 82,677$ 92,827$ 103,322$
Tax Liability % 35% 35% 35% 35% 35% 35% 35% 35% 35% 35%
Tax Liability $ 7,128$ 9,942$ 12,850$ 15,857$ 18,965$ 22,179$ 25,502$ 28,937$ 32,489$ 36,163$
CFBT $72,420 $78,779 $85,329 $92,075 $99,023 $106,181 $113,552 $121,145 $128,966 $137,021
(R.O.I.) Cash on Cash (BT) 9.66% 10.50% 11.38% 12.28% 13.20% 14.16% 15.14% 16.15% 17.20% 18.27%
CFAT $65,292 $68,837 $72,478 $76,218 $80,058 $84,001 $88,051 $92,208 $96,477 $100,859
(R.O.I.) Cash on Cash (AT) 8.71% 9.18% 9.66% 10.16% 10.67% 11.20% 11.74% 12.29% 12.86% 13.45%
Cost Recovery Data
Value $894,400
Land $178,880
Improvment% 20.00%
Imp. Value @ Sale 2,400,000$
C. R. Method Straight line
Useful Life 27.5
In Service 1-Jan
0.00%
5.00%
10.00%
15.00%
Per Year Basis
10 Year ROI Outlook
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
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INCOME PROPERTY
ORGANIZATION
IRR for 10-Year Hold
Year Internal Rate of Return Amount
0 Down Payment ($750,000) ($750,000) ($750,000) ($750,000) ($750,000) ($750,000) ($750,000) ($750,000) ($750,000) ($750,000)
1 CFAT Year 1 773,867 65,292 65,292 65,292 65,292 65,292 65,292 65,292 65,292 65,292
2 CFAT Year 2 3.18% 867,348 68,837 68,837 68,837 68,837 68,837 68,837 68,837 68,837
3 CFAT Year 3 11.98% 964,931 72,478 72,478 72,478 72,478 72,478 72,478 72,478
4 CFAT Year 4 14.63% 1,066,770 76,218 76,218 76,218 76,218 76,218 76,218
5 CFAT Year 5 15.70% 1,173,024 80,058 80,058 80,058 80,058 80,058
6 CFAT Year 6 16.16% 1,283,861 84,001 84,001 84,001 84,001
7 CFAT Year 7 16.34% 1,399,452 88,051 88,051 88,051
8 CFAT Year 8 16.37% 1,519,977 92,208 92,208
9 CFAT Year 9 16.33% 1,645,623 96,477
10 CFAT Yr 10+Sale Proceeds After Tax 16.24% 1,776,585
16.12%
IRR 3.18% 11.98% 14.63% 15.70% 16.16% 16.34% 16.37% 16.33% 16.24% 16.12%
Cash on Cash (AT) 8.71% 9.18% 9.66% 10.16% 10.67% 11.20% 11.74% 12.29% 12.86% 13.45%
CoC (AT)& Equity Buildup 9.85% 11.44% 13.04% 14.64% 16.24% 17.85% 19.46% 21.07% 22.69% 24.32%
Equity Build Up 1.14% 2.27% 3.38% 4.48% 5.57% 6.65% 7.72% 8.78% 9.83% 10.87%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
0%
5%
10%
15%
20%
25%
30%
1 2 3 4 5 6 7 8 9 10
Cash on Cash (AT) CoC (AT)& Equity Buildup IRR
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INCOME PROPERTY
ORGANIZATION
Rent Comparables
Address Units Studio Ft.² $ / Ft.² 1-Bed Ft.² $ / Ft.² 2-Bed Ft.² $ / Ft.²
1. River Terrace 7700 E. Jefferson, Detroit 178 $519 555 $0.94 $583 670 $0.87 $656 910 $0.72
2. Van Dyke Manor 1000 Van Dyke St., Detroit 38 $757 855 $0.89 $857 1,137 $0.75
3. Parkhurst 1130 Parker St., Detroit 92 $800 500 $1.60 $875 650 $1.35 $1,200 1,200 $1.00
4. Capitol Manor 1725 Van Dyke St., Detroit 35 $674 695 $0.97 $840 820 $1.02
5. Chalfonte 8643 E. Jefferson, Detroit 20 $1,350 1,000 $1.35
6. Hibbard 8901 E. Jefferson, Detroit 43 $740 855 $0.87 $1,209 1,137 $1.06
7. Kean 8925 E. Jefferson, Detroit 49 $743 750 $0.99 $889 1,200 $0.74
8. Trombley Lodge 1050 Hibbard St., Detroit 49 $495 475 $1.04 $735 625 $1.18
9. Eastponte 1130 Holcomb, Detroit 82 $482 475 $1.01 $511 650 $0.79 $647 900 $0.72
10. Don Juan 1141 Holcomb, Detroit 34 $582 450 $1.29 $564 550 $1.03
11. North One 1401 Holcomb, Detroit 45 $596 700 $0.85
12. 590 Parkview 590 Parkview, Detroit 15 $624 750 $0.83 $765 1,000 $0.77
13. Parkview 550 Parkview Dr., Detroit 62 $566 459 $1.23 $803 781 $1.03
Low: 15 $482 450 $0.94 $511 550 $0.79 $647 820 $0.72
High: 178 $800 555 $1.60 $875 855 $1.35 $1,350 1,200 $1.35
Average: 57 $574 486 $1.19 $684 711 $0.97 $935 1,034 $0.90
Subject Property Units Studio Ft.² $ / Ft.² 1-Bed Ft.² $ / Ft.² 2-Bed Ft.² $ / Ft.²
Islandview 72 $491 450 $1.09 $578 653 $0.89 $672 767 $0.88
At Average $/Ft.² $534 $633 $693
$43 $0.10 $55 $0.08 $21 $0.03
$83 $106 $263
Above / Below Market at Average $/Ft.²
Property
Above / Below Market Average Rent:
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INCOME PROPERTY
ORGANIZATION
Rent Comparables – Map
Our rental survey takes into account comparable properties located within a 1-mile radius of Islandview Apartments.
Click here to return to the Unit Breakdown.
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INCOME PROPERTY
ORGANIZATION
Sales Comparables
Units Purchase Price Per Unit Date Closed
631 Orleans St. 92 $5,500,000 $59,783 Mar-17
Detroit, MI
Map Reference: 1
Van Dyke Manor Units Purchase Price Per Unit Date Closed
1000 Van Dyke St. 38 $2,450,000 $64,474 Aug-17
Detroit, MI
Map Reference: 2
Kean Apartments* Units Purchase Price Per Unit Date Closed
8925 E. Jefferson 49 $1,960,000 $40,000 May-17
Detroit, MI
Map Reference: 3
Hibbard Residences* Units Purchase Price Per Unit Date Closed
8901 E. Jefferson 43 $1,720,000 $40,000 May-17
Detroit, MI
Map Reference: 4
Sold Low: 38 $1,720,000 $40,000 Mar-17
Sold High: 92 $5,500,000 $64,474 Aug-17
Sold Average: 56 $2,907,500 $51,064 May-17
Central Park Apartments
Footnote: The sales price of Kean & Hibbard were undisclosed, but based on the asking price of these assets we have
estimated the sales price at approximately $40,000 per unit.
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INCOME PROPERTY
ORGANIZATION
Sales Comparables Map
Table of Contents Income Property Organization (248) 932.0300 www.incomepo.com
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INCOME PROPERTY
ORGANIZATION
Demographics
Source: US Census & Citydata.com (Click here for access the US Census overview of this market)
Population & Economics Detroit Michigan
Population - 2016 Estimate 672,795 9,909,877
Population - 2010 713,862 9,883,640
Population, Percent Change 2010-2016 -5.8% 0.3%
Persons under 5 years 7.0% 6.0%
Persons under 18 years 26.7% 23.7%
Retail Sales Per Capita (2007) $4,557 $10,855
Accommodation and Food Service Sales ($1000) $2,237 $14,536,648
Geographic Facts Detroit Michigan
Land Area in Square Miles 138.75 56,538.90
Persons per Square Mile (2010) 5,144.3 174.8
Households Detroit Michigan
Housing Units 349,170 131,704,730
Owner-Occupied 49.4% 63.9%
Rener Occupied 50.6% 36.1%
Median Household Income $25,764 $53,889
Per Capita Income $15,038 $28,930
Percentage Below Poverty Level 40.30% 12.70%
Persons per Household 2.7 2.64
High School Graduate or Higher 78.3% 86.7%
2011-2015 Average Home Value Detroit Michigan
$42,300 $178,600