66
See all 66 photos
$6,750,000
Est. payment /mo
131 Beds
138 Baths
67,608 SqFt
Active
23740 Fenkell ST Detroit, MI 48223
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Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
Square Footage 67,608 sqft
Price per Sqft $99
Subdivision More Than One Legal Involved
MLS Listing ID 58050198321
Bedrooms 131
Full Baths 138
Year Built 1967
Lot Size 2.340 Acres
Acres 2.34
Property Sub-Type MultiFamily
Property Description
Pilot Program accepted through the City of Detroit!! Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases. Seller has done numerous amounts of upgrades and remodeling to the property in the past couple of years. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. Property has Certificate of Compliance good through 2027
Location
State MI
County Wayne
Area Area05033Detschcraft6Grnfldlimits
Interior
Heating Natural Gas, Separate Meters, Steam
Fireplace No
Exterior
View Y/N No
Building
Foundation Basement
Sewer Public Sewer
Water Public
New Construction No
Schools
High Schools Detroit
School District Detroit
Others
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition ShortSaleNo, Standard
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Listed by Justin Zehel of Keller Williams Paint Creek
NEARBY SCHOOL & BUSINESS
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