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About the Listing 114784 - 679170,678924
This three-unit multifamily property in Detroit's New Center presents a rare combination of immediate income and long-term upside, producing approximately $40,000 in annual gross revenue with tenants already in place. The asset is comprised of two spacious three-bedroom units and one studio unit, all featuring updated MEP systems and renovated interiors, with current rents of $1,300, $1,350, and $650. Offering an estimated cap rate of ~12.5%, the property also provides value-add potential through the third-floor unit, creating additional room for increased returns. Strategically located in one of Detroit's strongest rental corridors near both Midtown and New Center, residents benefit from proximity to neighborhood staples including The Congregation, Saturn Coffee, and Detroit People's Food Co-op. This turnkey opportunity delivers stable cash flow today with meaningful growth potential for investors seeking to capitalize on Detroit's continued momentum.
Listing Highlights for 1613 Virginia Park
Status
Active
Days on Site
14
Property Type
Multi-Family
MLS ®
60932523
Year Built
1919
Total Square Footage
3,109
Lot/Acreage
0.16
County
Wayne
Neighborhood
Virginia Park Sub Of Pt Of 1/4 Sec 55 Ttat
Area
Detroit (82001)
School District
Detroit City School District
Interior Details
- Bedrooms: 0
- Bathrooms: 3 Full
- Appliances:
- Air Cond:
- Heating: Forced Air
- Fireplaces:
- Floor:
- Above Ground Sq Ft: 3109
- Below Ground Sq Ft: n/a
- Basement: Block
- Other:
- Water: Public Water
Exterior Details
- Garage Capacity: N/A
- Lot Dimensions: 40 x 174
- Roof:
- Others:
- Sewer: Public At Street
Financial Details
- Tax Amount: $5,608
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: N/A
Payment Calculator
Monthly Payment
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Listing Location
Questions About..
1613 Virginia Park Detroit, MI 48206
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