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3550 Montclair Street

Detroit, MI 48214
  • $899,900
  • STATUS: Active
  • ON SITE: 144 Days
  • ID#: 20230086194
UPDATED: 40 min ago
$899,900
  • 0
    BEDS
  • 0.23
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 10,944
    SQFT
  • $82
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1925
County:
Zoning:
Residential
Lot Size Dimensions:
59.00 x 173.00

School Ratings & Info

School District:

Description

**INVESTORS** This is your opportunity to add an updated 16 unit brick apartment building to your portfolio! The property has 13 of the 16 units filled with all subsidized-rent tenants and the remaining 3 units should be filled in the next 30 days, which means this property will generate excellent returns for years to come! The property was significantly updated in 2022, with updates including all-new windows, a new roof, 2 new boilers and HWTs, some updated electrical and plumbing, 5 of the 16 units were completely remodeled w/ updated kitchens and bathrooms, and the remaining 11 have had rental turnovers completed! Best of all, this is both a turn-key and value add property, as the front half of the basement has space to add 4 units and has been gutted in preparation for the new owner to begin the work; this value-add's potential cash-flow is NOT factored into our cap-rate projection. Each unit's electricity and cooking gas are metered separately while the owner pays for heating, common area electric, and water. The property is also located a few blocks away from Chrysler/Stellantis's new auto manufacturing plant which is expected to have a positive economic impact on the surrounding areas.

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IDX provided courtesy of Realcomp II Ltd. via Elite Home Advisors | Keller Williams Platinum and Realcomp II Ltd.. © 2024 Realcomp II Ltd. Shareholders. Real estate listings held by brokerages other than Elite Home Advisors | Keller Williams Platinum are marked with the Realcomp-approved IDX logo and are provided through IDX through Realcomp II Ltd. IDX information is provided exclusively for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Data last updated: 2024-03-03T12:58:20.967.
www.mihomepropertysearch.com/homes/144250923
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3550 Montclair Street Detroit, MI 48214

  • Price: $899,900
  • Status: Active
  • On Site: 144 Days
  • Updated: 40 min ago
  • ID#: 20230086194
0
Beds
0
Baths
0
½ Baths
0.23
Acres
10,944
SQFT
$82
$/SQFT
1925
Built
Neighborhood:
Hendries (Plats)
County:
Wayne
Area:
Det: Mcclellan East/Mack To Shor
School District:
DETROIT
Property Description
**INVESTORS** This is your opportunity to add an updated 16 unit brick apartment building to your portfolio! The property has 13 of the 16 units filled with all subsidized-rent tenants and the remaining 3 units should be filled in the next 30 days, which means this property will generate excellent returns for years to come! The property was significantly updated in 2022, with updates including all-new windows, a new roof, 2 new boilers and HWTs, some updated electrical and plumbing, 5 of the 16 units were completely remodeled w/ updated kitchens and bathrooms, and the remaining 11 have had rental turnovers completed! Best of all, this is both a turn-key and value add property, as the front half of the basement has space to add 4 units and has been gutted in preparation for the new owner to begin the work; this value-add's potential cash-flow is NOT factored into our cap-rate projection. Each unit's electricity and cooking gas are metered separately while the owner pays for heating, common area electric, and water. The property is also located a few blocks away from Chrysler/Stellantis's new auto manufacturing plant which is expected to have a positive economic impact on the surrounding areas.
Exterior Features

Architecture Level 3 Story Construction Materials Brick Distance To Airport 3 Distance To Interstate 1 Distance To Rail 3 Distance To Waterway 7 Foundation Details Basement Foundation Materials Brick/Mortar Lot Size Dimensions 59.00 x 173.00 Road Frontage Feet 59 Road Frontage Type Paved Roof Material AsphaltOther Waterfront YN No Waterway YN Yes

Interior Features

Building Area Source Public Records Commercial Utilities 220V AvailableCircuit Breakers Sq Ft Main 10944 Unit Efficiency Number Of 0 Unit Four Bed Number Of 0 Unit One Bed Number Of 16 Unit Three Bed Number Of 0 Unit Two Bed Number Of 0

Property Features

Assessment 100.00 Commercial Type ApartmentsReal Estate Only Deposit Amount 700000.00 Existing Lease YN Yes Gross Scheduled Income 140498.00 Inventory Included YN No Land Contract YN Yes Land Interest Rate .09 Land Payment 10000 Land Terms 36 Listing Financing CashContractConventional Net Operating Income 62133.00 Operating Expense 78365.00 Ownership Status Short Sale - NoPrivate Owned Percent Leased 81 Possession Subject To Tenant Rights Postal City Detroit Protection Period 3 Months Settlement City Sewer Public Sewer (Sewer-Sanitary) Short Sale No Tax Amount Summer 7641.0000 Tax Amount Winter 911.0000 Title Standard (Private) Total Tax 8552.0000 Unparsed Address 3550 MONTCLAIR Street Water Source Public (Municipal) Year Remodeled 2022 Zoning Residential

Realcomp IDX logo IDX provided courtesy of Realcomp II Ltd., via RE/MAX Leading Edge: (734) 404-8800 and Realcomp, ©2024 Realcomp II Ltd. Shareholders.


IDX provided courtesy of Realcomp II Ltd. via Elite Home Advisors | Keller Williams Platinum and Realcomp II Ltd.. © 2024 Realcomp II Ltd. Shareholders. Real estate listings held by brokerages other than Elite Home Advisors | Keller Williams Platinum are marked with the Realcomp-approved IDX logo and are provided through IDX through Realcomp II Ltd. IDX information is provided exclusively for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Data last updated: 2024-03-03T12:58:20.967.
 
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Elite Home Advisors | Keller Williams Platinum
31525 23 Mile Rd
Chesterfield MI, 48047