Terrace Court Apartments20551-20555 Lahser Rd

Introducing the Terrace Court Apartments, a 54,800 RSF multi-family asset located in Detroit, Michigan. The building spans two (2) two-story buildings totaling 72 units. The asset was built in 1961 as a community on 1.97-acres, featuring a courtyard, landscaped green areas, walkways, and more. The unit mix of the asset is (56) one-bedroom and (16) two-bedroom apartments. The average unit size for the one and two bedrooms range from 750-SF to 800-SF. There are 74 surface parking spaces secured by a gate and even more parking on the street. Tenants have access to on-site laundry and have individual A/C units. The building received a full renovation in 2019 and 2020 and has a value-add opportunity to be leased up to full occupancy. The unit renovation resulted in every unit receiving new bathrooms, updated plumbing, new kitchens, updated lighting fixtures, larger closets, new common area floors and lighting, luxury vinyl plank flooring, Wi-Fi for the building, new glazed windows, and more. The exterior renovation resulted in new roofs for new buildings, new gutters, new landscaping, a new boiler, new vinyl siding throughout both buildings, exterior fence, and more. The City of Detroit anchors the second-largest regional economy in the Midwest, behind Chicago and ahead of Minneapolis–Saint Paul, and the 13th-largest in the United States. Detroit is best known as the center of the US automobile industry. The "Big Three" auto manufacturers General Motors, Ford, and Stellantis North America are all headquartered in metro Detroit. As of 2007, the Detroit metropolitan area is the number one exporting region among 310 defined metropolitan areas in the United States. The Detroit Metropolitan Airport is among the most important hubs in the United States. Detroit, and its neighboring Canadian city Windsor, are connected through a highway tunnel, railway tunnel, and the Ambassador Bridge, the second busiest international crossing in North America, after San Diego–Tijuana. More recently, the population of Downtown Detroit, Midtown Detroit, and various other neighborhoods has increased. An increasingly popular tourist destination, Detroit receives 19 million visitors per year. In 2015, Detroit was named a "City of Design" by UNESCO, the first US city to receive that designation. Property tours are available by appointment ONLY. Please contact Colin Soltis to schedule at (248) 394-0000 or colin@greystonebel.com