Amazing Investment Opportunity, Serious Investors Only, this one won't last!! 5-unit, FULLY OCCUPIED, Townhome style building in one of the hottest rental markets in Detroit. This property has recently upgraded units, as well as $5k worth of upgrades done to the exterior. Highlights of the property: - Units are 2 bed, 1.5 bath - 880 avg. sq feet - Positive cash flow (financials can be provided) - 8% cap rate with more room for rent increase - All units metered separately -Upgrades include newer roof, hot water tanks and furnaces less than 7 years old. Each unit has its own private basement- Current owner has maintained the building extremely well. * * * * PROPERTY APPRAISED OVER CURRENT LIST PRICE, 18 MONTHS AGO with only 66% occupancy * * * *
Amazing Investment Opportunity, Serious Investors Only, this one won't last!! 5-unit, FULLY OCCUPIED, Townhome style building in one of the hottest rental markets in Detroit. This property has recently upgraded units, as well as $5k worth of upgrades done to the exterior. Highlights of the property: - Units are 2 bed, 1.5 bath - 880 avg. sq feet - Positive cash flow (financials can be provided) - 8% cap rate with more room for rent increase - All units metered separately -Upgrades include newer roof, hot water tanks and furnaces less than 7 years old. Each unit has its own private basement- Current owner has maintained the building extremely well. * * * * PROPERTY APPRAISED OVER CURRENT LIST PRICE, 18 MONTHS AGO with only 66% occupancy * * * *
REALCOMP #2210051060
Aug 12, 2021
Sold
$275,000
$312/sq ft
Jul 16, 2021
Pending
—
Jun 29, 2021
Listed
$284,900
$323/sq ft
Amazing Investment Opportunity, Serious Investors Only, this one won’t last!! 5-unit, FULLY OCCUPIED, Townhome style building in one of the hottest rental markets in Detroit. This property has recently upgraded units, as well as $5k worth of upgrades done to the exterior. Highlights of the property: - Units are 2 bed, 1.5 bath - 880 avg. sq feet - Positive cash flow (financials can be provided) - 8% cap rate with more room for rent increase - All units metered separately -Upgrades include newer roof, hot water tanks and furnaces less than 7 years old. Each unit has its own private basement- Current owner has maintained the building extremely well. * * * * PROPERTY APPRAISED OVER CURRENT LIST PRICE, 18 MONTHS AGO with only 66% occupancy * * * *
MiRealSource-MiMLS #40157524
Jun 28, 2021
Listing Removed
—
Jun 18, 2021
Relisted
—
May 3, 2021
Pending
—
May 3, 2021
Listing Removed
—
Apr 18, 2021
Price Changed
$284,900
$323/sq ft
Mar 26, 2021
Listed
$299,900
$340/sq ft
REALCOMP #2210020470
Jun 29, 2021
Listing Removed
—
Jun 18, 2021
Relisted
—
May 3, 2021
Pending
—
Apr 17, 2021
Price Changed
$284,900
$323/sq ft
Mar 26, 2021
Listed
$299,900
$340/sq ft
Greater Lansing AoR #31378391
Oct 11, 2019
Sold
$225,000
$255/sq ft
Oct 11, 2019
Sold
$225,000
$255/sq ft
Jul 18, 2019
Pending
—
Jul 9, 2019
Relisted
—
May 28, 2019
Pending
—
May 1, 2019
Listed
$285,000
$323/sq ft
May 1, 2019
Listed
$285,000
$323/sq ft
REALCOMP #58031378391
Oct 11, 2019
Sold
$225,000
$255/sq ft
May 1, 2019
Listed
$285,000
$323/sq ft
As the MLS and public records start to fill up, we'll list the details here.
Public record
Beds
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Baths
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Stories
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Lot width
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Lot depth
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Lot size
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Year renovated
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Sq. Ft.
—
Year built
—
Style
Multi-Family (5+ Unit)
County
Wayne County
APN
22004002-4
Parking Spaces
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Basement
—
Accessible
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HOA Dues
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Garage
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Features
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Last updated by owner on May 1, 2019.
Property details
Interior
Interior Features
Interior Features: Cable/Internet Avail., Dsl Available
Bathroom Information
# of Bathrooms (Full): 5
# of Baths/Lavatories (Total): 5
Laundry/Basement Information
Basement Type: Block
Mult-Unit Information
# of Units (Total): 5
Net Operating Income: $19,980
Net Operating Income: 19980
Unit 1 Information
Rent Rate: $600
Unit 2 Information
Rent Rate: $415
Unit 3 Information
Rent Rate: $625
Unit 4 Information
Rent Rate: $650
Exterior
Exterior Features
Exterior Construction: Brick
Foundation Type: Basement
Property Information
Property Type: Multi-Family
Structure Style: 2 Story
Styles: Colonial
Year Built: 1953
Lot Information
Zoning: Multi-Family
Land Information
Acreage: 0.14
Roads: Paved Street
Frontage: 60
Financial
Tax/Assessments Information
Taxable Value: $50,300
Total Tax Amount: $4,551
Summer Tax Amount: $4,074
Winter Tax Amount: $477
Lease/Rent Information
Has Lease
Utilities
Utility Information
Water Heater: Gas
Water: Public Water
Cooling System: Window Unit(S)
Fuel Type: Natural Gas
Heating System: Forced Air
Sewer Septic: Public At Street
Location
Homeowners Association Information
Community Amenities: Private Entry
School Information
School District: Detroit City School District
School District: Detroit City School District
Address Information
Street Designation: Road
Location Details
Directions: From I-96, South on Greenfield to W Chicago, Left and follow to Burt Road
Municipality Type: City
Municipality: Detroit
Mail City: Detroit
Subdivision: ROUGE PARK BLVD SUB
Municipality: Detroit
Area (Municipality): Detroit (82001)
Public facts
Beds: —
Baths: —
Sq. Ft.: —
Stories: —
Lot Size: —
Style: Multi-Family (5+ Unit)
Year Built: —
Year Renovated: —
County: Wayne County
APN: 22004002-4
Home facts updated by county records on May 1, 2019
Other
Listing Information
Originating MLS: RealComp
Around this home
Schools
Mann Learning Community
Public PreK-5 • Assigned • 0.7mi
4/10
Dixon Elementary School
Public PreK-8 • Assigned • 0.7mi
2/10
Cody High School
Public 9-12 • Assigned • 1.3mi
3/10
Provided by GreatSchools
Lifestyle
Provided by Walk Score and Local Logic
Historical weather
Detroit, MI • 48228 1500
Average low and high temperatures (°F)
29
17
35
21
53
33
62
42
68
50
82
62
85
68
80
63
78
59
66
47
50
38
37
25
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Sun exposure
In this area, properties receive around 9.6 hours in
June and 2.6 hours in December, placing it below the
U.S. average for solar exposure.