18037 Pelkey St - Apartments FOR SALE


Detroit, MI 48205- Mt Olivet
$600,000 USD
248-207-2994
18037 Pelkey St, Detroit, MI for Sale
$600,000 USD
Apartments - FOR SALE
1/45
null | 20% Cap Rate

18037 Pelkey St
Detroit, MI 48205
Mt Olivet


OVERVIEW

REDUCED! LOCATED 8 MINUTES FROM THE INFAMOUS EAST ENGLISH VILLAGE DISTRICT, YOU WILL FIND 18037 PELKEY NESTLED ON A 5,364 SQUARE FOOT LOT IN A QUIET NEIGHBORHOOD OF HOMEOWNERS. THIS CROWN JEWEL BOASTS A BRAND NEW ROOF TO ENSURE REPEAT DIVIDENDS FOR MANY YEARS TO COME. YOUR APARTMENT COMPLEX CONSISTS OF 10 RECENTLY REMODELED 1 BED ROOM UNITS. EACH UNIT HAS BEEN UPGRADED AND HAS ENTIRELY BRAND NEW ELECTRICAL AND PLUMBING TO INSURE MAINTENANCE FREE CASH FLOW. FURTHERMORE THE ENTIRE COMPLEX HAS NEW ELECTRICAL AND PLUMBING FROM TOP TO BOTTOM. EACH SPACIOUS UNIT HAS FRESHLY ROLLED PAINT AND BRAND NEW CARPET WITH TOP OF THE LINE UNDERLAYMENT. 10 OF THE 10 UNITS ARE LEASED TO SECTION 8 TENANTS AND THE MONTHLY DIVIDENDS ARE JUST UNDER $10,000 PER MONTH. THE TENANTS PAY ALL UTILITIES, WHICH ALLOWS THIS COMPLEX TO MAINTAIN A NEAR 20% CASH ON CASH RETURN. PROPERTY TAXES HAVE BEEN REDUCED TO ROUGHLY $100 PER MONTH. THIS DIAMOND WILL BE WRAPPED AROUND A LUCKY OWNER'S FINGER SOON! NO SHOWINGS WITHOUT ACCEPTED FULL LIST OFFER.

FOR SALE DETAILS

PRICE

$600,000 USD

PRICE/SF

$115 USD /SF

# OF UNITS

10

PRICE/UNIT

$60,000

CAP RATE

20%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1929

PARKING SPACES

10

LAND DETAILS

LAND ACRES

0.12 AC

LAND SF

5,227 SF

ZONING

R3

APN/PARCEL ID

21-030190

ASK ABOUT THIS PROPERTY

Lauryn JohnsonLolo Realty TeamMore Info
248-207-2994

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Lauryn JohnsonLolo Realty TeamMore Info
248-207-2994

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.