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Key Details
Sold Price $350,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 4,934 sqft
Price per Sqft $70
MLS Listing ID 20251047515
Sold Date 06/01/26
Year Built 1905
Annual Tax Amount $5,510
Lot Size 0.300 Acres
Acres 0.3
Lot Dimensions 93.00X134.00
Source Realcomp
Property Description
Fully-occupied 5-unit apartment building producing $62,400/year in gross rental income. Consisting offour 2-bedroom units (1,200 SF each) leased at $1,000/mo and one 3-bedroom (1,700 SF) leased at$1,200/mo. Landlord pays water; tenants pay gas and electric. Rents remain below market, providingstrong upside potential in Detroit's revitalizing Islandview / West Village corridor.Highlights• 100% occupancy with stable tenants• Below market rent – significant upside• Cap rate 8.3% with growth potential to 10%• Landlord only pays water – low expense ratio• Proximity to Belle Isle, Jefferson Corridor, and Downtown Detroit• Updated interiors and long-term tenant stability
Location
State MI
County Wayne
Zoning Commercial,Multi-Family,R
Direction Continue on M-3/Gratiot Ave. Take Mack Ave to E Grand Blvd
Rooms
Basement Basement
Interior
Heating Forced Air
Exterior
View Y/N No
Building
Foundation Block
Water Public
Structure Type Vinyl Siding
Schools
School District Detroit
Others
Tax ID W15I007626S
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