5240 Belmont St, Hamtramck, MI 48212

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Darren A.

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Building Details:

5240 Belmont St is amulti-family property for lease in Hamtramck, MI.

A rare opportunity to own a unique MSHDA Development. MHSHA Development No. 3406, also known as Sarah Garrett Homes Limited Dividend Housing Association, LLC, is available for sale. This 9 million dollar government funded voucher program development was a result of a long standing racial discrimination law suit with the City of Hamtramck due to the displacement of families when I-75 was constructed. Owner depreciates $400K+ annually. $1 Million Dollar redevelopment grant is obtainable through MHSDA in 2026. Sarah Garrett Homes consist of 24 Buildings, which 21 are new construction and three were complete rehabilitation. There are 35 total housing units which are currently 100% occupied. All units are placed on a state voucher program which stay with the residential unit. The voucher is in use as long as the units are occupied. All the homes are located within 10 minutes of Mid-Town Detroit and Wayne State University. The owner of this project receives yearly dividends and benefits from the depreciation of the project. The development is currently managed by a MHSDA approved management company. With only 12 years remaining on the silent MSHDA mortgage, upon completion the owner will have the right to reapply for development or own the properties free and clear and open them up to the market for rent or sale. Financial statements and a Business Valuation Report is available for review upon request.

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