We’ve seen a lot of development in New Center this year, as the M-1 Rail has finally opened and more renovations are occurring in the neighborhood. A unique listing has hit the market, offering up to 89 units total. There’s no price and the properties can be split up. Up for grabs are two apartment buildings and one single-family home.
The first is at 80 Seward, a 47-unit apartment community located just off of Woodward, a few blocks up from the last QLINE stop. The building has 27 studio and 20 one-bedroom units, and the listing says that there’s definitely opportunity to renovate these apartments. It’s located on a street with many other apartment buildings, including one across the street that we think is finally starting to be renovated (we’ll check on that).
Hazelwood Manor Apartments is located north of here, closer to Boston-Edison. This building has 41 units and has seen $800,000 in capital improvements in recent years. Also available is a 1,663-square-foot renovated house next store, plus vacant land across the street.
On one hand, you have a building in a better location that could be rehabbed. On the other, a location a bit further out but possibly in better condition.
More info can be found at Income Property Organization, a Michigan brokerage company for income properties.