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About the Listing 104564 - 681067
1055 Philip St is a 20-unit multifamily investment opportunity located between Grosse Pointe Park and Jefferson Chalmers. This building includes 19 one-bedroom units and 1 two-bedroom unit. With area rental comps supporting $800 to $1,000 per one-bedroom unit, the property offers a projected gross monthly income between $16,000 and $20,000. Using a conservative estimate of $18,000/month, the annual gross income is $216,000. After estimated expenses, this property can deliver a cap rate of approximately 8–9%, with additional income potential from on-site coin-operated laundry. The property features a newer front roof, individually metered units for tenant-paid utilities, wall furnaces in each unit, and an existing radiator system that provides an alternative heating option if desired. Tenants benefit from side parking and a shared downstairs storage area that could be rented out for additional revenue. Public transportation is easily accessible, with a bus station just steps away on E Jefferson Ave, making for a quick 12-minute commute to Downtown Detroit. This property is strategically positioned near major development, including the $45 million Schaap Center for the Performing Arts expansion in Grosse Pointe Park. Whether you're a seasoned investor or entering the multifamily space, 1055 Philip offers strong cash flow, upside potential, and a prime location within Detroit's east-side resurgence.
Listing Highlights for 1055 Philip
Status
Active
Days on Site
292
Property Type
Multi-Family
MLS ®
60357070
Year Built
1928
Total Square Footage
11,949
Lot/Acreage
0.15
County
Wayne
Neighborhood
Pointe View Joseph S Visger & Edgar J Hitchings
Area
Detroit (82001)
School District
Detroit City School District
Interior Details
- Bedrooms: 0
- Bathrooms: 20 Full
- Appliances:
- Air Cond:
- Heating: Forced Air
- Fireplaces:
- Floor:
- Above Ground Sq Ft: 11949
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public Water
Exterior Details
- Garage Capacity: N/A
- Lot Dimensions: 60.00 x 112.00
- Zoning: Multi-Family
- Roof:
- Others:
- Sewer: Public Sanitary
Financial Details
- Tax Amount: $2,975
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: N/A
Payment Calculator
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Listing Location
Questions About..
1055 Philip Detroit, MI 48215
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