Share this with your friends
+15868545396
Community Choice Realty
13535 La Salle Boulevard, Detroit, MI 48238 3493
- $499,000
- 19
- BA
- 11,075
- SqFt
- List Price
- $499,000
- Status
- ACTIVE
- MLS#
- 61044177
- Days on Market
- 1
- Year Built
- 1929
- Bathrooms
- 19
- Acres
- 0.30
- Living Area
- 11,075
- Municipality
- Detroit
- Region
- Detroit
- Township
- Detroit
- Subdivision
- Robert Oakmans Twelfth St
Property Description
Value-add apartment opportunity in Detroit with the hard work already underway. This 19-unit, three-story brick building offers about 11,075 square feet on 0.19 acre and is offered at 499,000, roughly 26,300 per unit and about 45 per square foot. Built in 1929, it has the solid construction and unit count investors look for at an entry price that leaves room to build equity. Location is a major strength. The property sits close to the Davison Freeway, I-96 and I-75, giving tenants fast routes to Downtown, Midtown and the rest of the metro area, which supports steady rental demand. Updates are already done where it counts. More than half of the units are renovated and rent-ready, with luxury vinyl plank flooring and refreshed kitchens and baths. Additional improvements include a new boiler installed in 2023, a rubber roof, brand-new fencing around the attached parking lot and an on-site coin laundry room for added income. The unit mix is 14 one-bedrooms, one two-bedroom and four studios. The potential is clear. Only one unit is currently occupied, so a new owner can lease up the renovated units at market rents right away, then complete cosmetic updates on the remaining units to raise occupancy and grow net income. At an assumed average rent of 900 per month, gross potential income is about 205,200 per year, a gross rent multiplier near 2.4 at list price. All financial figures are projections based on a pro forma stabilized analysis assuming full occupancy and are not current income. Buyer and buyer's agent to verify all information, including unit count, zoning, square footage, rents and taxes.
Additional Information
- Lot Dimensions
- 210 x 110
- Interior Features
- DSL Available
- Heating
- Radiant, Steam
- Cooling
- Wall/Window Unit(s)
- Basement
- Yes
- Basement Description
- Block, Common, Exterior Entry, Partially Finished
- Appliances
- Gas Water Heater
- Exterior Features
- Balcony
- Foundation
- Basement
- Water
- Public
- School District
- Detroit City School District
How much is your home worth?
...get instant property value now!
Mortgage Calculator
Listing Courtesy of EXP Realty Main, Office Phone: 888-501-7085
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource. The information published and disseminated by MiRealSource is communicated verbatim, without change by MiRealSource, as filed with MiRealSource by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.Copyright 2014 MiRealSource. All rights reserved. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc.
Provided through IDX via MiRealSource, as the "Source MLS", courtesy of the Originating MLS shown on the property listing, as the Originating MLS. The information published and disseminated by the Originating MLS is communicated verbatim, without change by the Originating MLS, as filed with it by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Copyright 2014 MiRealSource. All rights reserved. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc.