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$ 1,350,000
Est. payment | /mo
25 Beds
25 Baths
14,388 SqFt
$ 1,350,000
Est. payment | /mo
25 Beds
25 Baths
14,388 SqFt
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
Square Footage 14,388 sqft
Price per Sqft $93
Subdivision R Oakmans Ford Hwy & Dexter Blvd
MLS Listing ID 58050198604
Style Morethan2Stories
Bedrooms 25
Full Baths 25
Year Built 1925
Lot Size 8,712 Sqft
Acres 0.2
Property Sub-Type MultiFamily
Property Description
Stunning brick apartment complex located on Detroit's desirable west side in the Dexter/Linwood area. This 24-unit multifamily asset consists entirely of one-bedroom, one-bath units and is currently approximately 90% occupied, with a portion of Section 8 tenants. The property has seen several major capital improvements, including a roof approximately 5 years old, updated vinyl windows, a boiler replaced approximately 2 years ago, and a newer hot water tank. More than half of the units have been rehabilitated, offering immediate upside and reduced near-term capital expenditures. This stabilized asset operates at an impressive ~12% cap rate, generating approximately $150,000 in net annual income. An excellent opportunity for both seasoned investors and those looking to expand their multifamily portfolio in a strong rental corridor. Serious inquiries
Location
State MI
County Wayne
Area Area05043Detlivernoisi756Gdriver
Interior
Heating Natural Gas, Separate Meters, Steam
Fireplace No
Exterior
View Y/N No
Building
Foundation Basement
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Detroit
Others
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition ShortSaleNo, Standard
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Listed by Justin Zehel of Keller Williams Paint Creek