$875,000
$999,900
12.5%For more information regarding the value of a property, please contact us for a free consultation.
15 Beds
11,075 SqFt
SOLD DATE : 07/19/2023
Key Details
Sold Price $875,000
Property Type Commercial
Sub Type Business And Real Estate
Listing Status Sold
Purchase Type For Sale
Square Footage 11,075 sqft
Price per Sqft $79
Subdivision Robert Oakmans Twelfth St (Plats)
MLS Listing ID 20230024487
Sold Date 07/19/23
Bedrooms 15
Originating Board Realcomp II Ltd
Year Built 1929
Annual Tax Amount $11,884
Lot Size 8,276 Sqft
Acres 0.19
Lot Dimensions 76.00 x 110.00
Property Description
Rare opportunity on this Value Add Multi Family comprised of 19 units with 2 additional potential conversions. Full brick well maintained building in the heart of Detroit. Unit mix consists of (14) one bedroom units, (1) two bedroom units ,(4) studio units. Strong financials with a projected 11% cap rate with 16 of 19 units rehabbed and occupied and the other 3 units are in the process of being rehabbed. Each hallway and common areas are updated. Each unit has its own electric meter, Plenty of crucial upgrades completed including new boiler, common area and unit renovations, and many other capital
upgrades totaling 250,000. The exterior has been impeccably maintained with a newer Spanish clay tile roof on the building, newer windows, and parking available for tenants. All tenants are in great standing with management, and management is offering a one or two year transition management agreement to the new investor. Conveniently located near major highways making commuting to nearby landmarks such as Wayne State University and Downtown Detroit. Don't miss out on this amazing opportunity.
Location
State MI
County Wayne
Area Det: Livernois-I75 6-Gd River
Zoning Commercial,Multi-Family,Residential
Direction Davison/96
Interior
Hot Water Natural Gas
Heating Radiant, Steam
Heat Source Natural Gas
Exterior
Exterior Feature Fenced
Utilities Available Carbon Monoxide Alarm(s), Security Alarm, Smoke Alarm
Roof Type Tile
Road Frontage Paved
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Level or Stories 3 Story
Structure Type Brick
Schools
School District Detroit
Others
Tax ID W10I0084544
Ownership Short Sale - No,Private Owned
Assessment Amount $100
Acceptable Financing Cash, Conventional, Warranty Deed
Rebuilt Year 2021
Listing Terms Cash, Conventional, Warranty Deed
Financing Cash,Conventional,Warranty Deed
Special Listing Condition Full Service
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Bought with EXP Realty LLC
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