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Detroit, MI Learn More About Detroit

48214 Market info

$1,025,000

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  • 16 Units
  • 10,944 SqFt
  • MLS# 20221057700
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248-304-6700

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248-208-3883

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**INVESTORS** This is your opportunity to add an updated 16 unit brick apartment building being offered at a projected 9% cap rate to your portfolio! The property has 14 of the 16 units filled with all subsidized-rent tenants and the remaining 2 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.

Property Information

Status
Active 
Address
3550 Montclair Street 
City
Detroit 
Zip
48214 
Year Built
1925 
Style
Common Entry Building, Other 
Possession
Subject To Tena 
Architecture
3 Story 
Listing Date
11/02/2022 
Subdivision
Hendries (plats) 
County
Wayne 
Above Grade SqFt
10,944 
Total No of Units
16 

School Information

School District
Detroit 

Taxes

Summer Taxes
$7,641 
Winter Taxes
$886 

Rooms and Land

Lot Dimensions
59.00 x 173.00 
Total Acres
0.23 

Features

Style
Common Entry Building, Other 
Basement
Common, Unfinished 
Heating
Natural Gas, Radiant, Steam 

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years
annual
annual

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  • Market Statistics
  • Property History
  • Schools Information
  • Local Business
Market Statistics
Property History
MLS Number New Status Previous Status Activity Date New List Price Previous List Price Sold Price DOM
20221057700 Feb 17 2023 4:39PM $1,025,000 $1,099,000 137
20221057731 Feb 17 2023 4:36PM $1,025,000 $1,099,000 137
20221057700 Active Nov 2 2022 10:36PM $1,099,000 137
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 Leading Edge
(734) 404-8800
Office Address 7500 N Canton Center

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Our Michigan real estate agents can answer all of your questions about 3550 Montclair Street, Detroit MI 48214. Real Estate One, Max Broock Realtors, and J&J Realtors are part of the Real Estate One Family of Companies and dominate the Detroit, Michigan real estate market. To sell or buy a home in Detroit, Michigan, contact our real estate agents as we know the Detroit, Michigan real estate market better than anyone with over 100 years of experience in Detroit, Michigan real estate for sale.

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3550 Montclair Street Detroit
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$1,025,000
For Sale • No. of Units: 16