Skip To Content

3550 Montclair Street

Detroit, MI 48214
  • $1,099,000
  • STATUS: Active
  • ON SITE: 97 Days
  • ID#: 20221057731
$1,099,000
  • 0
    BEDS
  • 0.23
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 10,944
    SQFT
  • $100
    $/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 being offered at a projected 8.5% cap rate to your portfolio! The property is being filled with tenants with subsidized rent, primarily Section 8, so your rental income will be steady and reliable 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 5 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.

Monthly Payment Calculator



IDX provided courtesy of Realcomp II Ltd. via RE/MAX Nexus and Realcomp II Ltd.. © 2023 Realcomp II Ltd. Shareholders. Real estate listings held by brokerages other than RE/MAX Nexus 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: 2023-02-07T23:57:09.9.
www.nexushomesearch.com/homes/134494271
Print Image

3550 Montclair Street Detroit, MI 48214

  • Price: $1,099,000
  • Status: Active
  • On Site: 97 Days
  • ID#: 20221057731
0
Beds
0
Baths
0
½ Baths
0.23
Acres
10,944
SQFT
$100
$/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 being offered at a projected 8.5% cap rate to your portfolio! The property is being filled with tenants with subsidized rent, primarily Section 8, so your rental income will be steady and reliable 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 5 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

Apod Available YN No Assessment 100.00 Commercial Type Real Estate Only Deposit Amount 800000.00 Existing Lease YN No Gross Scheduled Income 167616.00 Inventory Included YN No Land Contract YN Yes Land Interest Rate 8 Land Payment 10000 Land Terms 36 Legal Rental Certified YN No Listing Financing CashContractConventional Net Operating Income 92618.00 Operating Expense 74997.00 Ownership Status Short Sale - NoPrivate Owned Percent Leased 0 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 886.0000 Title Standard (Private) Total Tax 8527.0000 Unparsed Address 3550 Montclair Street Water Source Public (Municipal) Year Remodeled 2022 Zone Conform YN Yes Zoning Residential

Realcomp IDX logo IDX provided courtesy of Realcomp II Ltd., via Re/Max Leading Edge: (734) 404-8800 and Realcomp, ©2023 Realcomp II Ltd. Shareholders.


IDX provided courtesy of Realcomp II Ltd. via RE/MAX Nexus and Realcomp II Ltd.. © 2023 Realcomp II Ltd. Shareholders. Real estate listings held by brokerages other than RE/MAX Nexus 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: 2023-02-07T23:57:09.9.
 
https://bt-photos.global.ssl.fastly.net/michigan/orig_boomver_1_562688092-2.jpg https://bt-photos.global.ssl.fastly.net/michigan/orig_boomver_1_562688092-2.jpg https://bt-photos.global.ssl.fastly.net/michigan/orig_boomver_1_562688092-2.jpg
Logo
RE/MAX Nexus
255 E. Brown St - Suite 205
Birmingham MI, 48009