$665,000
$800,000
16.9%For more information regarding the value of a property, please contact us for a free consultation.
20 Beds
11,204 SqFt
SOLD DATE : 04/18/2024
Key Details
Sold Price $665,000
Property Type Commercial
Sub Type Apartments,Business And Real Estate
Listing Status Sold
Purchase Type For Sale
Square Footage 11,204 sqft
Price per Sqft $59
Subdivision Park Drive No 6
MLS Listing ID 20230081918
Sold Date 04/18/24
Bedrooms 20
Originating Board Realcomp II Ltd
Year Built 1960
Annual Tax Amount $8,292
Lot Size 0.280 Acres
Acres 0.28
Lot Dimensions 100 x 120
Property Sub-Type Apartments,Business And Real Estate
Property Description
Come see this well maintained 20 unit, all 1 bedroom and 1 bathroom cash cow fresh to the market on Detroit's Eastside close to I-94 expressway. Newer roof and concrete work on the property over the last 5 years. There is a common area with coin operated laundry machines and storage lockers. Electrical meters are split, water and gas are single metered. Manager lives on site rent free and there are 5 vacancies, and 1 in the eviction process. This give 13 units producing income. The units currently generate roughly $23,000.00 in net income per year but with rents below market and the vacancies. It is possible to increase the gross revenue and reduce expenses to maximize net income.
Location
State MI
County Wayne
Area Det Con-Mors/Grat. Hstn/7 Mack
Zoning Commercial,Multi-Family
Direction Take I-94 to Cadieux, turn west on Cadieux, slight left on Morang, Property on the North side of Morang.
Interior
Heating Baseboard
Heat Source Natural Gas
Exterior
Utilities Available Carbon Monoxide Alarm(s), Smoke Alarm, Circuit Breakers
Roof Type Asphalt
Road Frontage Class B
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Level or Stories 2 Story
Structure Type Brick
Schools
School District Detroit
Others
Tax ID 2107654954
Ownership Short Sale - No,Private Owned
Acceptable Financing Cash, Conventional, Trade/Exchange, Warranty Deed
Listing Terms Cash, Conventional, Trade/Exchange, Warranty Deed
Financing Cash,Conventional,Trade/Exchange,Warranty Deed
Special Listing Condition Full Service
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