Price Reduced! Updated RR in Document Center
Majestic Apartments
2690 W. Boston Blvd.
Majestic Apartments
82 Units | $3,500,000
Global Real Estate Advisors are pleased to present the exclusive offering of Majestic Apartments in Detroit, MI. This four-story building was originally constructed in 1929. Majestic consists of 82 apartments units featuring 46 studio units, 34 one-bedroom units and 2 two-bedroom units. The property features tenant paid electricity, with the landlord paying for gas, water & sewer. The Majestic is close to plenty of restaurants, grocery stores, childcare and other businesses in Detroit. The property has undergone a tremendous amount of work over the last 3 years including a new EPDM Roof, New Elevator, New boiler and hot water system, exterior tuck pointing and waterproofing, lobby renovation, common area renovations, unit renovations, electric main service panel and sub panels, LED lighting and a new state of the art electric sliding gate in a recently paved asphalt parking lot.
Majestic Apartments
Capital Expenditure List
- EPDM Roof $125K
- Elevator $350K
- High Efficiency Boiler $95K
- Independent Hot Water System $60K
- Lobby Renovations $40K
- Brick Waterproofing & Tuck Pointing $80K
- Hallway Flooring, Painting, Lighting $85K
- Electrical Main Service & Sub Panels $45K
- Radiators Rehabbed with New Steam Traps $24K
- Parking Lot Repair & Gate Installation $175K
- Green Light Program $17K
Detroit Market Outlook
Detroit Market Outlook
- Demand: Demand for apartments in Detroit increased to a three-year high.
- New construction: New construction slowed down, which reduced supply-side pressures.
- Absorption: New apartment construction was absorbed in the suburbs, but it was more difficult to absorb in the city.
- Operating expenses: Operating expenses at many buildings increased, including labor and insurance costs.
Rent Growth Outlook
- Rent growth is expected to continue to improve over the next 12–18 months.
- Rent growth is expected to accelerate, surpassing 5% by mid-2025.
- The gap between new supply and demand narrowed to its smallest point since early 2021, suggesting market stabilization in 2025.
Property Features & Highlights
New EDPM Roof, Elevator, Boiler, HE Independent Hot Water System
Gated Parking
Section 8 Approved Units
Extensive List of Capital Expenditures
Green Light Program
On-Site Office
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