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$1,799,900
Est. payment /mo
48 Baths
1.26 Acres Lot
UPDATED:
03/10/2025 06:42 PM
Key Details
Property Type Multi-Family
Listing Status Active Under Contract
Purchase Type For Sale
MLS Listing ID 20240042177
Originating Board Realcomp
Year Built 1963
Annual Tax Amount $34,207
Lot Size 1.260 Acres
Acres 1.26
Lot Dimensions Irregular
Property Description
Lucrative Investment Opportunity: Well-Established 40-Unit Apartment Building!*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 Wayne County - 100
Zoning Commercial,Multi-Family
Direction North of 7 Mile
Interior
Heating Baseboard, Steam
Cooling Window Unit(s)
Exterior
Utilities Available Cable Connected
View Y/N No
Roof Type Rubber
Building
Sewer Public
Water Public
Structure Type Brick
Schools
School District Detroit
Others
Tax ID W22I119370S001
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Listed by EXP Realty Main