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$ 299,900
Est. payment | /mo
4 Baths
3,640 SqFt
$ 299,900
Est. payment | /mo
4 Baths
3,640 SqFt
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,640 sqft
Price per Sqft $82
Subdivision Mi
MLS Listing ID 61000365
Style 2 Story
Full Baths 3
Half Baths 1
Year Built 1912
Annual Tax Amount $6,283
Lot Size 5,227 Sqft
Acres 0.12
Lot Dimensions 40X125
Property Sub-Type Multi-Family
Property Description
Solid brick quadplex producing income on West Grand Boulevard. Four 2-bedroom, 1-bath units over a full basement. Three units are leased with tenants in place and the fourth is vacant, so a new owner sets that rent at today's market - the clearest upside in the building. Rents today total $2,050/mo. With all four units at the projected market rent of $850/unit ($3,400/mo), the projected cap rate is approx 7.2% (est. after actual taxes of $6,283/yr, 10% vacancy, 10% management, insurance and reserves; buyer to verify). Mechanicals have been updated: newer furnaces, updated electrical boxes and PEX plumbing throughout. Photos are recent and reflect current condition. A complete investment analysis is attached to the listing documents alongside the disclosures - rent, actual taxes, insurance, management and net income on one page - so this property can be evaluated properly before writing. Tenant parking on the street in front or behind the building. Shown upon accepted offer only; please do not disturb tenants. Leases and ledgers provided during the inspection period. Cash, Conventional, FHA or VA only - no alternative financing.
Location
State MI
County Wayne
Area Detroit (82001)
Zoning Residential
Rooms
Basement Block
Interior
Heating Forced Air
Fireplace No
Exterior
Exterior Feature Brick
Building
Story 2 Story
Foundation Basement
Water Public Water
Structure Type Brick
Schools
School District Detroit City School District
Others
Ownership Corporation
Energy Description Natural Gas
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by EXP Realty Main
NEARBY SCHOOL & BUSINESS