516 Neff Lane Lane, Grosse Pointe, MI 48230 1536
- $3,995,000
- 20
- BA
- 16,080
- SqFt
- List Price
- $3,995,000
- Status
- PENDING
- MLS#
- 60964783
- Days on Market
- 161
- Year Built
- 1972
- Bathrooms
- 20
- Acres
- 0.97
- Living Area
- 16,080
- Municipality
- Grosse Pointe
- Region
- Grosse Pointe
- Township
- Grosse Pointe
Property Description
Exceptional opportunity to acquire a well-located 20-unit multifamily asset in the heart of Grosse Pointe, one of Metro Detroit's most desirable and supply-constrained rental markets. This stabilized community offers immediate cash flow with significant upside through continued rent growth and value-add execution. The property features a strong unit mix with spacious floor plans, well-maintained interiors, and a history of high occupancy. Current ownership has completed substantial capital improvements in recent years, including renovations to a portion of the units, allowing a new owner to continue implementing a proven renovation and rent-increase strategy. Situated in a premier residential setting near the waterfront, top-rated schools, retail, dining, and major employment corridors, the property benefits from consistent tenant demand and long-term market stability. Grosse Pointe's limited multifamily inventory and strong demographic profile create a compelling environment for sustained rental growth and asset appreciation. With in-place income, professional management history, and clear value-add potential, this offering is ideal for investors seeking a stabilized asset with both immediate yield and long-term upside in a premier suburban market.
Additional Information
- Lot Dimensions
- 114.20 x 437.00
- Heating
- Forced Air
- Cooling
- Central Air
- Basement
- Yes
- Basement Description
- Block, Daylight
- Appliances
- Gas Water Heater
- Exterior Features
- Balcony
- Foundation
- Basement
- Water
- Public
- School District
- Grosse Pointe Public Schools
Mortgage Calculator
Listing Courtesy of Pinnacle Plus Realty LLC, Office Phone: 248-893-7795
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.