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About the Listing 16575 - 281311
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
Listing Highlights
Status
Active
Days on Site
51
Property Type
Multi-Family
MLS ®
50198321
Year Built
1967
Total Square Footage
67,608
Lot/Acreage
2.34
County
Wayne
Neighborhood
More Than One Legal Involved
Area
Detroit (82001)
School District
Detroit City School District
Interior Details
- Bedrooms: 131
- Bathrooms: 138 Full
- Appliances:
- Air Cond:
- Heating: Boiler
- Fireplaces:
- Floor:
- Above Ground Sq Ft: 67608
- Below Ground Sq Ft: n/a
- Basement:
- Other:
- Water: Public Water
Exterior Details
- Garage Capacity: N/A
- Lot Dimensions: 101930
- Roof:
- Others:
- Sewer: Public Sanitary
Financial Details
- Tax Amount: $105,404
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: N/A
Payment Calculator
Monthly Payment
- in Principal and Interest
- in Taxes
Years
% Down Payment
% Mortgage Rate
Questions About..
23740 Fenkell Detroit, MI 48223
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