Additional details

Sandra Walus

walusrs@gmail.com +1(810) 923-4118

$6,750,000

Est. payment - /mo

131 Beds

138 Baths

67,608 SqFt

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UPDATED:

Key Details

Property Type Multi-Family

Sub Type MultiFamily

Listing Status Active

Purchase Type For Sale

Square Footage 67,608 sqft

Price per Sqft $99

Subdivision More Than One Legal Involved

MLS Listing ID 58050198321

Bedrooms 131

Full Baths 138

Year Built 1967

Lot Size 2.340 Acres

Acres 2.34

Property Sub-Type MultiFamily

Property Description

Pilot Program accepted through the City of Detroit!! Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases. Seller has done numerous amounts of upgrades and remodeling to the property in the past couple of years. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. Property has Certificate of Compliance good through 2027

Location

State MI

County Wayne

Area Area05033Detschcraft6Grnfldlimits

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, Conventional

Listing Terms Cash, Conventional

Special Listing Condition ShortSaleNo, Standard

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Listed by Justin Zehel of Keller Williams Paint Creek

Nearby School & Business

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Sandra Walus

+1(810) 923-4118

Broker Associate | License ID: 6502347609

Broker Associate License ID: 6502347609

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23740 Fenkell ST Detroit, MI 48223

Sandra Walus

Key Details

Location

Interior

Exterior

Building

Schools

Others

Nearby School & Business

Get More Information