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$ 2,500,000
Est. payment | /mo
40 Baths
1.26 Acres Lot
$ 2,500,000
Est. payment | /mo
40 Baths
1.26 Acres Lot
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Municipality Detroit City
Subdivision Detroit City
MLS Listing ID 50220594
Year Built 1963
Lot Size 1.260 Acres
Acres 1.26
Lot Dimensions 54866
Source MiRealSource
Property Description
Excellent investment opportunity featuring a 40-unit apartment complex consisting of two buildings on one lot. The property offers a desirable unit mix of 16 one-bedroom/one-bath units, 16 two-bedroom/one-bath units, and 8 townhouse-style two-bedroom/1.5-bath units. Currently 98% occupied with only one vacancy, providing strong occupancy and consistent rental income. Both building boilers were replaced last winter. Roofs are in solid condition and windows are well maintained. The property offers an attractive 10% cap rate and is situated in a prime location.
Location
State MI
County Wayne
Exterior
View Y/N No
Others
Tax ID 22119370.001
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Keller Williams Paint Creek
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