20-Unit Condo Package in Southfield, MI

This listing presents a rare opportunity to acquire a 20-unit condo package located within a 52-unit complex in the prime area of Southfield, Michigan. The package includes 10 one-bedroom units and 10 two-bedroom units, with current rents of $1,050.00 and $1,250.00 per month, respectively. A significant portion of the units, 15 out of 20, are occupied by tenants on the federal Section 8 program, with the remaining 5 units being privately paid. Leases are structured as one-year terms with annual increases of 3-5%. The property is situated in a highly desirable location, offering convenient access to major freeways, schools, shopping districts, and parks. In addition to rental income, the package includes a management contract for the entire complex, providing substantial additional income for the new owner. This is an ideal passive income opportunity for investors seeking a robust real estate portfolio.