23740 Fenkell St - Apartments FOR SALE


Detroit, MI 48223- Redford
$7,000,000 USD
248-979-3466
23740 Fenkell St, Detroit, MI for Sale
$7,000,000 USD
Apartments - FOR SALE
1/62
null | 10% Cap Rate

23740 Fenkell St
Detroit, MI 48223
Redford


OVERVIEW

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, providing a clear value-add opportunity. 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.

FOR SALE DETAILS

PRICE

$7,000,000 USD

PRICE/SF

$65 USD /SF

# OF UNITS

138

PRICE/UNIT

$50,725

CAP RATE

10%

% LEASED

98%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Parkside Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1967

PARKING SPACES

136

LAND DETAILS

LAND ACRES

2.56 AC

LAND SF

111,296 SF

ZONING

R5

APN/PARCEL ID

22-0110989

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.