$480,000
$479,900
For more information regarding the value of a property, please contact us for a free consultation.
6 Beds
12 Baths
4,560 SqFt
SOLD DATE : 03/08/2024
Key Details
Sold Price $480,000
Property Type Multi-Family
Sub Type Ranch
Listing Status Sold
Purchase Type For Sale
Square Footage 4,560 sqft
Price per Sqft $105
Subdivision Shady Lawn Sub No 1
MLS Listing ID 20230074537
Sold Date 03/08/24
Style Ranch
Bedrooms 6
Full Baths 12
Originating Board Realcomp II Ltd
Year Built 1956
Annual Tax Amount $2,376
Lot Size 0.300 Acres
Acres 0.3
Lot Dimensions 126.00 x 100.00
Property Description
THIS FANTASTIC OPPORTUNITY WILL NOT LAST, FOLKS!! A TRUE 10.5 CAP RATE WITH POTENTIAL PROJECTED 16.7 WITH RENTAL INCREASE THIS YEAR!!! THIS SUPER GARDEN/LOW RISE APARTMENT COMPLEX HAS 12 RANCH STYLE UNITS WITH PRIVATE ENTRY. TENANTS PAY ALL UTILITIES EXC WATER/SEWER, SNOW/LAWN AND GARBAGE. 6 UNITS HAVE SEPARATE BD/500 SQ FT AND 6 LARGE EFFICIENCIES.FURTHER, THERE IS A LARGE PARKING LOT AND SEPARATE METERS/ BLDGS HAVE CONDO STYLE AND POTENTIAL IMMEDIATE INCOME WITH A CONDO CONVERSION ( CONDOS SELLING AT APROX 64K PER UNIT!) WARREN CITY BORDER PROPERTY HERE! BEAUTIFUL AND DESIRABLE!! OCCUPANCY AT 95% CURRENTY AND AVG 100% WITH MANY LONG TERM TENANTS! FUSSY OWNER HAS A VERY LONG WAITING LIST! THIS IS A BANK FORECLOSURE, OTHERWISE WOULD NEVER CONSIDER THE SALE OF THIS MONEY MAKING COMPLEX SO HURRY WE LOOK FORWARD AND STAND READY!!! PLEASE BE DISCREET-TENANTS ARE NOT AWARE OF SALE. FURTHER, WE OFFER ANOTHER 2 BLDGS AND ARE ABLE TO DO A PKG DEAL FOR YOU. PLEASE CALL FOR DETAILS!
Location
State MI
County Wayne
Area Det 8 To Gratiot/Houston To 7
Zoning Multi-Family
Direction On Hoover Rd and just south of 7 Mile Rd
Interior
Interior Features Smoke Alarm, Cable Available, Circuit Breakers, High Spd Internet Avail
Heating Baseboard, Other
Fireplace no
Heat Source Electric, Natural Gas
Exterior
Exterior Feature Awning/Overhang(s), Chimney Cap(s), Lighting, Permeable Paving, Private Entry
Garage Spaces 25.0
Roof Type Asphalt,Composition
Road Frontage Paved
Garage no
Building
Foundation Slab
Sewer Public Sewer (Sewer-Sanitary), Sewer at Street
Water Public (Municipal), Water at Street
Architectural Style Ranch
Level or Stories 1 Story
Structure Type Brick
Schools
School District Detroit
Others
Pets Allowed Yes
Tax ID W17I013969C70
Ownership Bank Owned,Short Sale - No
Assessment Amount $100
Acceptable Financing Cash, Contract, Conventional, Owner May Carry(Purchase Money Mortgage), Warranty Deed
Rebuilt Year 2023
Listing Terms Cash, Contract, Conventional, Owner May Carry(Purchase Money Mortgage), Warranty Deed
Financing Cash,Contract,Conventional,Owner May Carry(Purchase Money Mortgage),Warranty Deed
Read Less Info
Want to know what your home might be worth? Contact us for a FREE valuation!
Our team is ready to help you sell your home for the highest possible price ASAP
©2024 Realcomp II Ltd. Shareholders
Bought with First Michigan Realty Corp
Find out why customers are choosing LPT Realty to meet their real estate needs
Learn More About LPT Realty