Active
3550 MONTCLAIR Street
Detroit MI, 48214
$924,900
$84.51 per sqft
Active
10,944 sqft
Commercial
**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.
20230086194
MLSⓇ ID
October 9, 2023
Listed
October 31, 2023
Updated
Map
3550 MONTCLAIR Street
Detroit MI, 48214
Interior Features
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.23 acres
Roof
Asphalt, Other
Sewer
Public Sewer (Sewer-Sanitary)
Other Property Details
Taxes
$8,552
Tax Frequency
Annually
Days on Market
21
Garage
No
Parking
No
View
No
County
Wayne
Water Source
Public (Municipal)
Pool
No
Listing History
Date | Event | Price |
---|---|---|
10/31/2023 | Price Change | $924,900 -6% |
10/10/2023 | Price Change | $974,900 11% |
Courtesy of RE/MAX Leading Edge
All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Elizabeth Tintinalli shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Provided through IDX through Realcomp II LTD
Originating MLS:
©2023 Realcomp II LTD Shareholders
Data last updated 10:03 AM UTC, 10/31/2023