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$ 6,750,000
Est. payment /mo
Price Dropped by $250K
23740 Fenkell Street Detroit, MI 48223
131 Beds
138 Baths
67,608 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 67,608 sqft
Price per Sqft $99
Subdivision Mi
MLS Listing ID 50198321
Style 2 Story
Bedrooms 131
Full Baths 138
Year Built 1967
Annual Tax Amount $105,404
Lot Size 2.340 Acres
Acres 2.34
Lot Dimensions 101930
Property Sub-Type Multi-Family
Property Description
Pilot Program accepted through the City of Detroit!! Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases. Seller has done numerous amounts of upgrades and remodeling to the property in the past couple of years. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. Property has Certificate of Compliance good through 2027
Location
State MI
County Wayne
Area Detroit (82001)
Interior
Heating Boiler
Fireplace No
Building
Story 2 Story
Foundation Basement
Water Public Water
Schools
School District Detroit City School District
Others
Ownership Private
SqFt Source Realist
Energy Description Natural Gas
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Keller Williams Paint Creek