18980 Fenton

Built in 1963, Fenton is a multi-family residence composed of 24 fully-rented units and 24 parking spaces. This property is in the bread-and-butter category of RealT offerings, with an excellent purchase price, low renovations, good tenants, and an attractive expected income structured to offer stable rents month after month. By purchasing tokens from this property, investors can diversify their risk due to potential rental vacancies, as 24 units make for a consistent rental income. Fenton has an expected rental income return of 11.16%.

This property has 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. Fenton is also located near the Redford district, chosen by Ford to re-establish a factory.

Fenton’s mechanical room features two individual boilers, one main and one backup. Both are high-efficiency with one 100-gallon quick recovery tank and a second reservoir tank for each boiler. However, the building needs a few more renovations, so we are reserving $30,000 to be used as follows:

• $13,500: Parking Lot
• $7,280: Refresh units 101, 102, 104, 106, 108, 110, 111, 112, 201
• $1,720: Interior courtyard gutters / Soffit paneling / Paint
• $7,500: Other