UPDATED:
09/05/2024 11:10 PM
Key Details
Property Type Multi-Family
Sub Type Common Entry Building
Listing Status Accepting Backup Offers
Purchase Type For Sale
Square Footage 39,816 sqft
Price per Sqft $45
Subdivision More Than One Legal Involved
MLS Listing ID 20240042177
Style Common Entry Building
Bedrooms 40
Full Baths 40
Half Baths 8
Originating Board Realcomp II Ltd
Year Built 1963
Annual Tax Amount $34,207
Lot Size 1.260 Acres
Acres 1.26
Lot Dimensions Irregular
Property Description
*Call for Offers for Monday July 1st at 3 pm.*
Seeking a stable and profitable investment? Look no further than this exceptional 40-unit apartment complex located in Detroit. The property boasts a strong rental history and excellent income potential.
Currently generating a gross annual income of approximately $324,000 with a projected Net Operating Income (NOI) of $227,000 for 2024, this investment offers proven performance. There's also significant value-add opportunity: reach full capacity and unlock even greater income. Projected gross income upon full occupancy is $432,000.
The complex caters to a wide range of renters with a diverse unit mix of spacious 2-bedroom townhouses (8 units), regular 2-bedroom units (8 units), and efficient 1-bedroom units (24 units). Landlord currently covers water, gas, and electric.
Don't miss out on this income-generating gem! Showings require advanced notice to respect current tenants. Contact us today to schedule a showing and learn more about this opportunity in a desirable location. Proof of funds and/or financing is required to schedule a showing.
Location
State MI
County Wayne
Area Det - 6 To 8, Grnfld To Limits
Zoning Commercial,Multi-Family
Direction North of 7 Mile
Rooms
Basement Unfinished, Common
Interior
Interior Features Cable Available
Hot Water Natural Gas
Heating Baseboard, Steam
Cooling Window Unit(s)
Fireplace no
Heat Source Natural Gas
Exterior
Exterior Feature Fenced
Garage Spaces 40.0
Roof Type Asphalt,Rubber
Road Frontage Paved
Garage no
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Architectural Style Common Entry Building
Level or Stories 2 Story
Structure Type Brick
Schools
School District Detroit
Others
Pets Allowed Yes
Tax ID W22I119370S001
Ownership Short Sale - No,Private Owned
Assessment Amount $100
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
GET MORE INFORMATION