Virginia Park Apartments

1197 Virginia Park Street, Detroit, MI 48202

  • For Sale $1,300,000
  • Property Type Multi-Family
  • Property Size 9,195 SF
  • Units 9
  • Additional Rent Contact for pricing
  • Property Tenancy Multi-Tenant
  • Year Built 1916
  • Year Renovated 2020
  • Date Updated Oct 17, 2024
Located in Midtown Detroit, this thriving district offers a dynamic environment for multifamily investment. Enjoy easy access to nearby dining, entertainment, and green spaces, making the location an ideal choice for investors seeking to be part of Detroit's renaissance.9-Unit Multifamily investment opportunity in Midtown Detroit, boasting 92% occupancy rate.

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Highlights

  • Prime Urban Location: The property is situated in Detroit's thriving midtown area, surrounded by major landmarks like Wayne State University, the Detroit Medical Center, and Henry Ford Hospital, offering high demand for rental units in this region.
  • Renovated Historic Building: Originally built in 1916, the property underwent significant renovations in 2020. The nine-unit building offers a variety of floorplans, appealing to a broad range of tenants, from young professionals to families.
  • Strong Occupancy: The building enjoys a 92% occupancy rate, demonstrating its appeal and consistent tenant demand in the Detroit rental market.
  • High Rental Potential: The property has a mix of market-rate apartments with rents ranging from $925 to $1,850, with a total gross rental potential of $135,240 annually.
  • Favorable Cap Rate: With a 7% cap rate and a pro forma NOI of $90,932, the property provides a competitive return on investment for buyers.
  • Growing Neighborhood: The 5-mile radius surrounding the property boasts a population of over 329,000 people, with continued growth and economic development expected in the Midtown Detroit area.

Contacts

broker

Simon Jonna

Colliers Birmingham (MI) - Jonna Group

Location

Getting Around

  • Walk Score ®

    60/100 Somewhat Walkable

  • Transit Score ®

    52/100 Good Transit

  • Bike Score ®

    71/100 Very Bikeable
Powered by Walk Score ®
  • City Detroit, MI
  • Neighborhood Rosa Parks
  • Zip Code 48202
  • Market Detroit

Points of Interest

  • Grand Boulevard

    0.74 miles

  • Baltimore Street

    0.83 miles

  • Amsterdam Street

    0.97 miles

  • Ferry Street

    1.32 miles

  • Warren Avenue

    1.54 miles

  • Canfield Street

    1.92 miles

  • Mack Avenue

    2.30 miles

  • Martin Luther King Junior Boulevard

    2.32 miles

  • Checker Cab #977

    2.32 miles

  • Sproat Street

    2.70 miles

  • Mobil

    0.73 miles

  • Detroit Pistons Performance Center

    0.80 miles

  • Marathon

    0.81 miles

  • Citgo

    0.90 miles

  • Valero

    1.04 miles

  • Valero

    1.05 miles

  • BP

    1.06 miles

  • Sunoco

    1.06 miles

  • Wayne State University - Parking Structure #5

    1.22 miles

  • Sunoco

    1.26 miles

  • HFHS Staff Garge

    0.24 miles

  • HFHS Employee Parking

    0.27 miles

  • HFHS Patient Employee Garage

    0.30 miles

  • HFHS Guest Parking

    0.31 miles

  • F Lot

    0.41 miles

  • HAP Lot C

    0.48 miles

  • Brigitte Harris Cancer Pavilion Garage

    0.51 miles

  • HAP Lot A

    0.51 miles

  • New Center Place Garage

    0.52 miles

  • Fisher Building Garage

    0.55 miles

  • Hotel St. Regis

    0.68 miles

  • Rio Grand Motel

    1.18 miles

  • Pinkinn Motel

    1.21 miles

  • Town Motel

    1.31 miles

  • The Inn on Ferry Street

    1.36 miles

  • El Moore

    1.96 miles

  • Veteran's Park Hotel

    2.17 miles

  • King's Arms Hotel

    2.25 miles

  • Hamtramck Hotel & Hostel

    2.40 miles

  • Viking Motel

    2.60 miles

  • McDonald's

    0.46 miles

  • Papa's Pizza

    0.47 miles

  • KFC

    0.49 miles

  • Zo's Good Burger

    0.50 miles

  • Cuisine

    0.50 miles

  • Fu Lin

    0.52 miles

  • Burger King

    0.59 miles

  • Turkey Grill

    0.62 miles

  • Papa's Soul Food and Grill

    0.68 miles

  • The Kitchen

    0.77 miles

  • New Center Child Care Academy

    0.44 miles

  • Saint Agnes School

    0.48 miles

  • Thirkell Elementary-Middle School

    0.53 miles

  • Y Gladys Barsamian Preparatory Center

    0.56 miles

  • Detroit International Academy for Young Women

    0.58 miles

  • Family Place Head Start

    0.72 miles

  • College for Creative Studies Taubman Campus

    0.75 miles

  • Northern Annex

    0.75 miles

  • Detroit International Academy for Young Women / Detroit Northern High School

    0.84 miles

  • Detroit International Young Women's Academy

    0.84 miles

  • Henry Ford Kids Child Care Center

    0.08 miles

  • Angel Land Child & Parent Center

    0.93 miles

  • Kingdom Care Learning Center

    1.17 miles

  • Matrix Headstart

    2.19 miles

  • Midtown KinderCare

    2.38 miles

  • Vista's Nuevas Headstart Gasper Fiore Center

    3.25 miles

  • Sha-Sha's Kiddy Korner

    3.84 miles

  • Sunnybrook Day Nursery

    3.86 miles

  • Matrix Head Start Infinity II

    4.20 miles

  • The Clifton Daycare and Development Center

    4.71 miles

Frequently Asked Questions

How much does Virginia Park Apartments cost?

The space currently listed for sale at Virginia Park Apartments asks for $1,300,000.

What is the total square footage of Virginia Park Apartments?

Virginia Park Apartments totals 9,195 square feet.

When was this property built?

Virginia Park Apartments was built in 1916.

Looking for more in-depth information on this property?

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Contact Listing Broker

broker

Simon Jonna

Colliers Birmingham (MI) - Jonna Group