Active

3550 MONTCLAIR Street

Detroit MI, 48214

$899,900


$82.23 per sqft

Active

16 Beds

16 Baths

10,944 sqft

Multi-family

Built in 1925

**INVESTORS** This is your opportunity to add an updated 16 unit brick apartment building to your portfolio! The property has 13 of the 16 units filled with all subsidized-rent tenants and the remaining 3 units should be filled in the next 30 days, which means this property will generate excellent returns for years to come! The property was significantly updated in 2022, with updates including all-new windows, a new roof, 2 new boilers and HWTs, some updated electrical and plumbing, 5 of the 16 units were completely remodeled w/ updated kitchens and bathrooms, and the remaining 11 have had rental turnovers completed! Best of all, this is both a turn-key and value add property, as the front half of the basement has space to add 4 units and has been gutted in preparation for the new owner to begin the work; this value-add's potential cash-flow is NOT factored into our cap-rate projection. Each unit's electricity and cooking gas are metered separately while the owner pays for heating, common area electric, and water. The property is also located a few blocks away from Chrysler/Stellantis's new auto manufacturing plant which is expected to have a positive economic impact on the surrounding areas.

20230086230

MLS ID

October 9, 2023

Listed

May 9, 2024

Updated

Map

3550 MONTCLAIR Street
Detroit MI, 48214

Interior Features

Bedrooms

16


Total Bathrooms

16


Full Bathrooms

16


Fireplace

No


Cooling

No


Heating

Yes


Heating Description

Radiant, Steam

Exterior/Building Features

Lot Size

0.23 Acres


Architectual Style

Common Entry Building, Other

School Information

School District

Detroit

Other Property Details

Area Name

Det: Mcclellan East/Mack To Shor


Taxes

$8,552


Tax Frequency

Annually


Days on Market

87


Garage

No


View

No


County

Wayne


Pool

No


Zoning

Residential


Buyer Agency Compensation

3%

 

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Originating MLS:
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Data last updated 8:52 AM UTC, 5/9/2024

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