MI > Wayne > Dearborn > 1315 Monroe St
  • MLS# 2210084559
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Value Add Auction Opportunity(Nov 15-Nov 17). List Price is starting bid of $950,000. 1244,1265,1307,1315 MONROE ST 1300,1312,1320 PORTER ST, DEARBORN, MI 48124. 90-unit apartment complex located in the heart of Downtown West Dearborn, Michigan. The apartment property consists of 90 units spread over six buildings, where the unit mix consists of 30 – 425 sq ft studios, 30 – 550 sq ft studios with sunrooms, 24 – 950 sq ft 1bd apartments, and 6 – 980 sq ft 2bd apartments. Current rental rates in the downtown district for similar sized apartments range from $900 per month for older 500 sq ft studios to $1650 per month for 1bd 800 sq ft lofts. Considering the short-term status of the tenants, these figures are encouraging to the investor willing to work with tenants and invest capital improvements into the property. The three buildings on Porter St are mostly gutted and are ready for renovation, whereas, the three buildings on Monroe St. have occupancy for cash flow.

Property Information

Status
Active 
Address
1315 Monroe St 
City
Dearborn 
Zip
48124 
Year Built
1927 
Subdivision
A Wagner 
Listing Date
10/07/2021 
Architecture
3 Story 
County
Wayne 
Above Grade SqFt
59,250 
Possession
Subject To Tena 
Price/SqFt
16.03 

School Information

School District
Dearborn 

Taxes

Summer Taxes
$15,466 
Winter Taxes
$814 

Features

Total No. of Units
90 
Current Use
90 Unit Apartment Building 
Zoning
Commercial, Multi-Family, Multiple 
Water
Municipal Water 
Sub Property Type
Commercial 
Heating
Natural Gas, Other 

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Market Statistics
Property History
MLS Number New Status Previous Status Activity Date New List Price Previous List Price Sold Price DOM
2210084559 Active Oct 7 2021 9:56AM $950,000 17
School Information
Local Business

Learn More About This Listing

Contact Customer Care

Mon-Fri 9am-9pm Sat/Sun 9am-7pm

248-304-6700

Contact Customer Care

Mon-Fri 9am-9pm Sat/Sun 9am-7pm

248-208-3883

By proceeding, you consent to receive calls and texts at the number you provided, including marketing by voice, and email, from us and others about your inquiry and other home-related matters, but not as a condition of any purchase. You also agree to our Privacy Policy regarding the information relating to you. Msg/data rates may apply.

Listing Broker

MIRC Logo

Listing Courtesy of Re/Max Team 2000
Office Address 23676 Park St

Real Estate One Family of Companies

1315 Monroe St Dearborn
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$950,000
For Sale • Acres: 1.0 • Zoning: Commercial,Multi-Family,Multiple