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$315,000
Est. payment /mo
3 Baths
6,969 Sqft Lot
UPDATED:
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
Acres 0.16
Lot Dimensions 40 x 174
Source Realcomp
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
Direction Head North on Rosa Parks from Grand Blvd, take a right (east) on Virginia Park - property will be on the South side of the street.
Interior
Heating Forced Air
Exterior
View Y/N No
Building
Water Public
Structure Type Brick
Schools
School District Detroit
Others
Tax ID W08I001970S
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Listed by Douglas Rose Realty
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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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