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+15868545396
Community Choice Realty
1565 W Grand Boulevard, Detroit, MI 48208
- $299,900
- 4
- BA
- 3,640
- SqFt
- List Price
- $299,900
- Status
- ACTIVE
- MLS#
- 61000365
- Days on Market
- 123
- Style
- Colonial
- Year Built
- 1912
- Price Change
- ▼ $100 1786916723
- Bathrooms
- 3
- Half baths
- 1
- Acres
- 0.12
- Living Area
- 3,640
- Municipality
- Detroit
- Region
- Detroit
- Township
- Detroit
- Subdivision
- Bela Hubbards Sub
Property Description
Solid brick quadplex producing income on West Grand Boulevard. Four 2-bedroom, 1-bath units over a full basement. Three units are leased with tenants in place and the fourth is vacant, so a new owner sets that rent at today's market - the clearest upside in the building. Rents today total $2,050/mo. With all four units at the projected market rent of $850/unit ($3,400/mo), the projected cap rate is approx 7.2% (est. after actual taxes of $6,283/yr, 10% vacancy, 10% management, insurance and reserves; buyer to verify). Mechanicals have been updated: newer furnaces, updated electrical boxes and PEX plumbing throughout. Photos are recent and reflect current condition. A complete investment analysis is attached to the listing documents alongside the disclosures - rent, actual taxes, insurance, management and net income on one page - so this property can be evaluated properly before writing. Tenant parking on the street in front or behind the building. Shown upon accepted offer only; please do not disturb tenants. Leases and ledgers provided during the inspection period. Cash, Conventional, FHA or VA only - no alternative financing.
Additional Information
- Lot Dimensions
- 40 x 125
- Heating
- Forced Air
- Basement
- Yes
- Basement Description
- Block
- Foundation
- Basement
- Water
- Public
- School District
- Detroit City School District
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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.