18059 Hoover St - Multi-Family FOR SALE


Detroit, MI 48205- Mt Olivet
$1,000,000 USD
248-979-3466
18059 Hoover St, Detroit, MI for Sale
$1,000,000 USD
Multi-Family - FOR SALE
1/7
null | 12% Cap Rate

18059 Hoover St
Detroit, MI 48205
Mt Olivet


OVERVIEW

Calling all investors! 16-unit apartment complex featuring all one-bedroom, one-bath units. Extensively updated with new plumbing, updated electrical, newer windows, and brand-new furnaces. Half the units offer electric baseboard heat, while the others have individual furnaces. Tenants pay gas and electric, keeping operating costs low. Units have been renovated with updated kitchens and baths, new flooring, fresh paint, and stainless steel appliances. 90%+ occupied and generating a strong 12% cap rate. Property has completed Step 1 of the Pilot Program, with seller working toward full approval with two steps remaining. Don’t miss this great investment opportunity!

FOR SALE DETAILS

PRICE

$1,000,000 USD

PRICE/SF

$94 USD /SF

# OF UNITS

16

PRICE/UNIT

$62,500

CAP RATE

12%

% LEASED

90%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1948

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

-

APN/PARCEL ID

17-01-399-94-008

ASK ABOUT THIS PROPERTY

Justin ZehelKeller Williams Paint CreekMore Info
248-979-3466

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

Justin ZehelKeller Williams Paint CreekMore Info
248-979-3466

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