Add this old Midtown apartment building to your redevelopment radar. It just sold for $535K. The corner of 3rd and Alexandrine is a few blocks from Midtown's priciest areas, which might explain how the buyer scored an occupied, 56-unit building for just $9,554 per apartment. Might that leave some money left over for renovation?
Records date the structure back to 1921, and a search of archival photos reveals that the building hasn't changed much since 1976 aside from new windows. The sale appears to include the property right next door, a grassy space backing up to a duplex of some sort. The listing advertises this as a great spot to build a parking lot.
News of the sale comes to us from David Knapp of O'Connor Real Estate, who represented both the buyer and seller in this sale. The building's new owner is a company called PK Development Group, which has its Michigan headquarters in Okemos. There isn't too much info about PK (they chose not to comment on the sale), but it seems pretty clear that the company specializes in affordable housing.
· Listing: 711 W. Alexandrine [Loopnet]