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

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Originating MLS:
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Data last updated 10:03 AM UTC, 10/31/2023

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