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About the Listing 16575 - 281311
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, providing a clear value-add opportunity. 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.
Listing Highlights
Status
Active
Days on Site
5
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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