Active
3550 MONTCLAIR Street
Detroit MI, 48214
$924,900
$84.51 per sqft
Active
16 Baths
10,944 sqft
Multi-family
**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
October 31, 2023
Updated
Map
3550 MONTCLAIR Street
Detroit MI, 48214
Interior Features
Bathrooms
16 Baths
Interior Features
100 Amp Service, Cable Available, Circuit Breakers, Laundry Facility
Fireplace
No
Cooling
No
Heating
Yes
Heating Description
Radiant, Steam
Exterior/Building Features
Lot Size
0.23 acres
Architectual Style
Common Entry Building, Other
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% |
Courtesy of RE/MAX Leading Edge
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Originating MLS:
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Data last updated 10:02 AM UTC, 10/31/2023