Here's a great opportunity to jump into the multi-family investment market for a great price in a good location! This 4-unit property is in great overall shape; three of the four units are rented with long-time tenants and perform well. The fourth unit is in good condition and up for rent as well. Seller also owns and has listed 19161Kelly and is willing to sell the two together on a discount. Seller will give a discount if you buy both buildings.
Regent Park, located between Outer Drive and Eight Mile Road, is a residential and commuter-friendly Detroit neighborhood with mid-century ranch homes and broad, tree-lined streets. The neighborhood’s character concentrates around the Outer Drive and Kelly Road corridor, where corner markets, takeout counters, and service shops set a steady, everyday rhythm. Brick single-story houses, tidy setbacks, and long blocks give the area a low-profile architectural identity. Rouge Park’s trails and open fields shape local routines with big-sky green space nearby. The Detroit Riverfront and Belle Isle sit within a short drive for waterfront walks and museum stops.
Provided by Walk Score and Local Logic
Market insights
16241 E 7 Mile Rd · $230,000
DAYS ON MARKET
175 days
The average home goes pending in 77 days.
SALE-TO-LIST
93.8%
Most homes are selling 6% below list price.
LIST PRICE
$230,000
Median list price in this area is $152,816. (34% lower than this home)
PRICE DROP
0 price drops
18% of homes in this area have had a price drop in the past month.
Property details
Interior
Exterior
Finance
Interior features
Block basement
Bathrooms
Two full bathrooms
One lavatory
Heating & cooling
Hot water heating
Exterior features
Brick exterior
Paved street frontage
60 feet of frontage
Home design
Multi-family property
2-story building
Built in 1954
Construction
Basement foundation
Utilities
Public water
Natural gas
Financial info
Four total units
Net operating income of $19,800
Total annual expenses of $9,000
Property is tenant-occupied / has lease
Electricity and solar
View estimated energy costs and solar savings for this home
Here's a great opportunity to jump into the multi-family investment market for a great price in a good location! This 4-unit property is in great overall shape; three of the four units are rented with long-time tenants and perform well. The fourth unit is in good condition and up for rent as well. Seller also owns and has listed 19161Kelly and is willing to sell the two together on a discount. Seller will give a discount if you buy both buildings.
MiRealSource-MiMLS #60985505
Apr 20, 2026
Listed
$230,000
$90/sq ft
Public Records
Nov 18, 2024
Sold
$170,000
$67/sq ft
Year
Property tax
Land + Additions
Assessment*
2025
$7,305 (+580.9%)
2024
$1,073 (+4.5%)
2023
$1,026 (+2.9%)
2022
$998 (+2.6%)
2021
$972
2020
$972 (+1.4%)
2019
$959 (−6.5%)
2018
$1,026 (+0.4%)
2017
$1,022 (−0.3%)
2016
$1,025 (−9.4%)
2015
$1,131 (−14.9%)
2014
$1,329
Public record
Public record
Zoning
Beds
—
Baths
2.5
Stories
2
Lot width
77 ft.
Lot depth
66 ft.
Lot size
5,227 Sq. Ft.
Year renovated
—
Finished Sq. Ft.
2,508
Unfinished Sq. Ft.
—
Total Sq. Ft.
2,508
Year built
1954
Style
Townhouse
County
Wayne County
APN
21021324-5
Parking Spaces
—
Basement
—
Accessible
—
HOA Dues
—
Garage
—
Features
—
Last updated by owner on Aug 8, 2026.
R4
Thoroughfare Residential District
This R4 Thoroughfare Residential District is designed to be used primarily on major or secondary thoroughfares where the major use of the property is for low-medium density residential dwellings characterized, primarily, by rental apartment dwellings. Among others, uses permitted by right include multiple-family dwellings, single- and two-family dwellings, and certain other residentially related uses which can function most advantageously where located on these thoroughfares. Medical and dental clinics, motels or hotels, and certain types of non-profit uses may be conditional basis subject to appropriate findings and compliance with required standards.
Permitted uses
Include but are not limited to:
Religious facility
Day care facility
Housing-Single unit
Housing-Multiple units
Housing-Senior
Housing-Student
Educational/school
Library
Museum / gallery
Recreation
Climate risks
1/10 Flood Factor
Minimal risk of a flood reaching the building in the next 30 years
1/10 Fire Factor
Unlikely to be in a wildfire in next 30 years
3/10 Heat Factor
7 days above 95° expected this year, 15 days in 30 years
2/10 Wind Factor
Minor risk of severe winds over next 30 years
3/10 Air Factor
2 unhealthy days expected this year, 5 days in 30 years
Provided by First Street
Historical weather
Detroit, MI • 48205
Average low and high temperatures (°F)
28
18
34
21
52
33
60
43
67
50
80
62
85
68
79
63
76
58
66
48
50
39
37
26
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
88/ 100
Very good sunlight
Sunscore
This home receives average direct sun exposure in Detroit. There appears to be minimal shading by surrounding buildings, terrain, and vegetation.
8.5 hrs
5.5 hrs
JuneDecember
Provided by Shadowmap
Redfin Estimate for 16241 E 7 Mile Rd
$215,813
$14K under list price of $230K
Nearby comparable homes
The Redfin Estimate uses 6 recent nearby sales, priced between $47K to $128K.