10024-28 Appoline St, Detroit, MI 48227 | RealT

10024-28 Appoline St, Detroit, MI 48227

Asset Price $582,200

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Property Highlights

  • Annual Return

    11.47%
  • Gross Rent

    $100,992 / year
  • Rent per Token

    $16.70 / year
  • Total Tokens

    4,000
  • Property Type

    Multi Family
  • Square Feet

    12,064
  • Bedroom/Bath

    15-Unit Multifamily
  • Has Tenants?

    Yes
  • Equity Multiple

    2x-4x

All financial statements of property yield are best estimates based on current conditions, and can change at any time.

We are targeting the above equity multiple for investors; however, no assurance can be given that you will obtain any return on investment, and there is a risk that you can lose your entire investment.

Financials

  • Gross Rent / month

    $8,416.00
    • Property Management (7.00%)
      - $589.12
    • RealT Platform (2.00%)
      - $168.32
    • Property Taxes
      - $804.75
    • Insurance
      - $470.25
    • Utilities
      - $816.67
  • Net Rent / month

    $5,566.89
  • Net Rent / year

    $66,802.68
  • Asset Price

    $582,200.00
  • Cap Rate

    11.47%

Maintenance Reserve

About the Property

10024-10028 Appoline Street is the located in the heart of the revitalization of the greater Detroit area. The Barton-McFarland neighborhood is a blue-collar area where the resurgence of the automobile industry has positively impacted the local housing market. This 15-unit apartment building is located across the street from a public park, and within walking distance of six community churches. 10024-28 Appoline is also just 5 minutes from the I-96 freeway, while being far enough to not be negatively impacted by the noise pollution.

Built in the 60’s, all 15 units were recently upgraded to conform to current market standards. In 2018, the roof was completely replaced. The apartment is currently fully rented, with a wait-list of available renters due to the below-market rate of $620 per month per unit.

To see a walkthrough of the property, please visit: http://smartfloorplan.com/p/t/shell5.php?id=v440516

Map

Why Detroit?

INVEST RIGHT

Detroit, one of the fastest growing major cities in America and best kept real estate secrets, is rich with history, and  possesses a colorful cultural fabric. Despite being among the 15 largest metro areas in the US, Detroit drivers spend the least amount of time in traffic during peak periods. Beyond automotive innovation, Detroit is home to dozens of startup incubators, and is surging on Inc.’s list of top 50 cities to start a business*. Root for the Lions, Tigers, Pistons and Red Wings, or enjoy the outdoors with over 200 miles of hiking trails nearby, 9 state parks, and over 3200 miles of coastline to explore.

There’s something for everyone here, because Detroit is for everybody.

The Interests, in the form of Series #1 RealTokens and future series of RealTokens, being offered are highly speculative in nature, involve a high degree of risk and should be purchased only by persons who can afford to lose their entire investment. There can be no assurance that the Company’s business objectives will be achieved or that a secondary market would ever develop for the Interests, whether via the RealToken Website, via third party registered broker-dealers or otherwise. Investing in private placements requires high risk tolerance, low liquidity concerns, and long-term commitments. The Interests being sold are not FDIC insured, may lose value, and there is no bank or other guarantee.