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$525,000
Est. payment /mo
4 Baths
4,356 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20251029321
HOA Y/N true
Year Built 1914
Annual Tax Amount $1,493
Lot Size 4,356 Sqft
Acres 0.1
Lot Dimensions 35X125
Source Realcomp
Property Description
Incredible Investment Opportunity – Perfect for Elder Care or Student Housing! Welcome to your next high-return investment in the heart of Downtown Detroit! This beautifully renovated three-story historic home offers a unique opportunity to generate significant rental income, whether you're seeking to establish an elder care facility or take advantage of demand for off-campus housing near Wayne State University. Boasting Approximately 3,600 sq ft of meticulously restored living space, this residence features custom finishes throughout, from extended, built-in cabinetry to original early-1900s Detroit tilework in the bathrooms. Each spacious bedroom offers the potential to generate $2,000–$3,000 per month in rent, creating a projected gross income of over $10,000/month when fully occupied. The property's layout is ideal for shared living, with multiple bathrooms, generous common areas, and a third-floor suite perfect for staff quarters or a premium rental unit. The home also includes a full basement that can be divided into individual storage units for each resident, adding valuable utility and convenience. With two kitchen areas, residents can enjoy greater flexibility and comfort in meal preparation. Stairs can be easily outfitted with stairlifts, making the property more accessible for elderly residents. Additionally, a privacy fence can be installed around the perimeter to create a safe and enclosed environment for all occupants. The exterior is just as impressive, with period-accurate paint from the 1901 East Village catalogue adding charm and curb appeal. Located in a high-demand area with walkable access to restaurants, entertainment, and major institutions, this property is a rare chance to capitalize on Detroit's growing need for elder care housing or student accommodations. Don't miss this opportunity to turn a piece of Detroit's architectural legacy into a thriving income generating business!
Location
State MI
County Wayne
Area Wayne County - 100
Zoning Residential
Direction Jefferson Ave x Cadillac BLVD x Cadillac BLVD to house.
Interior
Heating Forced Air
Exterior
Amenities Available Pets Allowed
View Y/N No
Building
Water Public
Structure Type Vinyl Siding
Schools
School District Detroit
Others
Tax ID W19I005469S
Acceptable Financing Cash, Conventional, Contract
Listing Terms Cash, Conventional, Contract
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Listed by NATOD Management
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Nick Schweihofer
Team Leader, Broker | License ID: 6506047709
Team Leader, Broker License ID: 6506047709
REVIEWS
- Nick did an awesome job in helping us find and purchase our condo. He listened to our wants and identified options and in the end we found a good fit for our needs for a vacation home Since we are far from Holland Nick set up a couple video tours to reduce travel. Thanks Nick for all the hard work and insight. We are very excited about our new home!Gordon L
- Nick was awesome to work with! I just went through the process of purchasing my first home and Nick couldn’t have made it any easier. He is super knowledgeable about the industry and the area. He answered all my questions and made sure to point out things I may not be thinking of since it was my first time going through the process. He was attentive, super responsive, easy to talk to, and truly cares about finding his clients a home they’ll love! I’m looking forward to working with him again in the future and would definitely recommend him as an agent!Emily Rzeszutko
- Nick was amazing to work with! This was my first time buying a house. Nick was very patient and took the time to walk me through everything and address all my questions. He was always quick to respond. He was clearly knowledgeable about the area and was great at pointing out and educating me on issues to watch for as we walked through houses. I absolutely recommend Nick to anyone buying or selling a home, and look forward to working with him again in the future!Kayla Kocal
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