20 Unit Multifamily, USA, Detroit, MI, RealT
Property Type : Multifamily
Price per Token : $50.26
Return Cash (exp) ? : 4.74%
Minimum Investment : 1 Token
Total Property Size : 20 Units
Total Property Value ? : $954,940.00
Total Number of Tokens : 19,000

 

Lenore is a multi-family residence composed of 20 fully-rented units and 20 parking spaces. Built in 1963, this property is more than a residence, it is a community property, and we can even say now that it’s a community neighborhood. It certainly has an excellent purchase price, low renovations, good tenants, and an attractive expected income structured to offer stable rents month after month, but it also enjoys a community spirit: children play in the courtyard and neighbors have barbecues on Sunday.

By purchasing tokens of this property, investors can diversify their risk due to potential rental vacancies, as 20 units make for a consistent expected rental income – in this case, a solid 11.04%. Lenore has a strong tenant demand, with 3 churches next door (Harvest Christian Church, Redford Church, Westside Bible Church) and a park that starts at Oak Grove (less than a mile from the property) and goes down to Eliza Howell Park. The property is also positioned with easy access to shopping, dining, and commuter routes, which increases quality of life for our tenants. Lenore is also located near the Redford district, chosen by Ford to re-establish a factory.

The property needs a little bit of renovation, and we have budgeted $10,000 as follows:

$8,000: Parking Lot
$1,235: Refresh units B16, B18,117, 211
$765: Repair fascia metal trim at D Side Entry

 

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