1613 Virginia Park Street Active Save Request In-Person Tour Request Virtual Tour
Detroit,MI 48206
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20251032172
Year Built 1919
Annual Tax Amount $5,608
Lot Size 6,969 Sqft
Property Description
This three-unit multifamily property in Detroit's New Center presents a rare combination of immediate income and long-term upside, producing approximately $40,000 in annual gross revenue with tenants already in place. The asset is comprised of two spacious three-bedroom units and one studio unit, all featuring updated MEP systems and renovated interiors, with current rents of $1,300, $1,350, and $650. Offering an estimated cap rate of ~12.5%, the property also provides value-add potential through the third-floor unit, creating additional room for increased returns. Strategically located in one of Detroit's strongest rental corridors near both Midtown and New Center, residents benefit from proximity to neighborhood staples including The Congregation, Saturn Coffee, and Detroit People's Food Co-op. This turnkey opportunity delivers stable cash flow today with meaningful growth potential for investors seeking to capitalize on Detroit's continued momentum.
Location
State MI
County Wayne
Area Wayne County - 100
Zoning Multi-Family,Residential
Interior
Heating Forced Air
Exterior
View Y/N No
Building
Water Public
Structure Type Brick
Schools
School District Detroit
Others
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional