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$499,000
Est. payment /mo
11,075 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 11,075 sqft
Price per Sqft $45
MLS Listing ID 20261088604
Year Built 1929
Annual Tax Amount $35,746
Lot Size 8,276 Sqft
Acres 0.19
Lot Dimensions 216X110
Source Realcomp
Property Description
Value-add apartment opportunity in Detroit with the hard work already underway. This 19-unit, three-story brick building offers about 11,075 square feet on 0.19 acre and is offered at 499,000, roughly 26,300 per unit and about 45 per square foot. Built in 1929, it has the solid construction and unit count investors look for at an entry price that leaves room to build equity. Location is a major strength. The property sits close to the Davison Freeway, I-96 and I-75, giving tenants fast routes to Downtown, Midtown and the rest of the metro area, which supports steady rental demand. Updates are already done where it counts. More than half of the units are renovated and rent-ready, with luxury vinyl plank flooring and refreshed kitchens and baths. Additional improvements include a new boiler installed in 2023, a rubber roof, brand-new fencing around the attached parking lot and an on-site coin laundry room for added income. The unit mix is 14 one-bedrooms, one two-bedroom and four studios. The potential is clear. Only one unit is currently occupied, so a new owner can lease up the renovated units at market rents right away, then complete cosmetic updates on the remaining units to raise occupancy and grow net income. At an assumed average rent of 900 per month, gross potential income is about 205,200 per year, a gross rent multiplier near 2.4 at list price. All financial figures are projections based on a pro forma stabilized analysis assuming full occupancy and are not current income. Buyer and buyer's agent to verify all information, including unit count, zoning, square footage, rents and taxes.
Location
State MI
County Wayne
Zoning Commercial,Multi-Family,R
Direction Davison/96
Rooms
Basement Basement
Interior
Heating Radiant, Steam
Exterior
View Y/N No
Roof Type Rubber
Building
Foundation Block, Brick/Mortar
Water Public
Structure Type Brick
Schools
School District Detroit
Others
Tax ID W10I008797S
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Listed by EXP Realty Main
NEARBY SCHOOLS & PROPERTIES
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