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Nailah Commons 710 East Ferry Street, Detroit, MI 48202
Property Description
This is an area that is known as the Art and Cultural District of Midtown Detroit. It is very walkable and close to many attractions, such as the Detroit Institute of Arts, Charles H. Wright Museum of African American History, Bas Bleu Detroit, University Prep., Wayne State University, The Center for Creative Studies, several Medical Centers, and more.
Area Description
Art and Cultural District of MIDTOWN, Detroit.
Highlights
Assumable Debt for $7 M @ 4.25% 15 YEAR FIXED I/O.
95% Occupancy
Updated financials available upon request.
NEZ Certificate: https://www.michigan.gov/taxes/property/exemptions/nez/neighborhood-enterprise-zone-nez-act
Mix of 1 and 2 beds with 1.5 baths..
Most due diligence documents are dated in 2020 and to be delivered to prospective purchaser.
Underlying 15 year debt, I/O at 4.25% Loan is Assumable for qualified buyers.
Agent has updated projections available upon request.
Full Address: 710 East Ferry Street, Detroit, MI 48202
Listing Type: FOR SALE
Status: Active
Occupancy Rate: 95
Building Class: B
Zoning: R-5
Region: M-EN
County: Wayne County
Use Type: Multifamily
Property ID: 4035335
Building Sf: 39844
Parcel Num: 03001537-40
Number Units: 58
Financial Terms: Interest only
Year Built: 2017
Free Standing: Yes
Tenancy Type: Multi-Tenant
Assumable Debt for $7 M @ 4.25% 15 YEAR FIXED I/O. 95% Occupancy Updated financials available upon request. NEZ Certificate: https://www.michigan.gov/taxes/property/exemptions/nez/neighborhood-enterprise-zone-nez-act Mix of 1 and 2 beds with 1.5 baths.. Most due diligence documents are dated in 2020 and to be delivered to prospective purchaser. Underlying 15 year debt, I/O at 4.25% Loan is Assumable for qualified buyers. Agent has updated projections available upon request.
Consider Exchange: 1
D Loan Description: Debt is assumable for qualified buyers. Assumable Debt for $7 M @ 4.25% 15 YEAR FIXED I/O.
Cash Flow Type: Actual
D Principal: 7000000
D Amortization: 15
D Interest Rate: 4.25
Debt Type: Actual