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$ 2,200,000
Est. payment | /mo
18,522 SqFt
$ 2,200,000
Est. payment | /mo
18,522 SqFt
Key Details
Property Type Commercial
Sub Type Commercial/Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 18,522 sqft
Price per Sqft $118
Subdivision Mi
MLS Listing ID 61021918
Annual Tax Amount $27,378
Lot Size 1.240 Acres
Acres 1.24
Lot Dimensions 566X93.67
Property Sub-Type Commercial/Industrial
Property Description
Rare opportunity to acquire a well-established 24-unit multifamily investment in Allen Park, owned and operated by the same owners for nearly 40 years. Situated on approximately 1.24 acres with an impressive 556 feet of frontage, this two-story brick building offers approximately 18,522 square feet and features a desirable mix of 16 one-bedroom and 8 two-bedroom apartments. The property offers an established rental history, long-term ownership and a strong foundation for an investor looking to acquire a sizable income-producing asset. Current rents provide an opportunity for a new owner to evaluate rental rates and capture additional income potential over time. Tenant convenience is enhanced by on-site laundry facilities, while a newer boiler provides an important recent capital improvement. The property also features a full basement, municipal water and sewer, and on-site parking. Conveniently located on Pelham Road with easy access to I-94, major Downriver thoroughfares, shopping, dining and employment centers. A substantial multifamily asset with a proven rental history, desirable unit mix, on-site amenities and meaningful potential for future growth. Buyer to independently verify all information, measurements, zoning, permitted uses, leases, financials and property condition.
Location
State MI
County Wayne
Area Allen Park (82141)
Zoning Commercial
Interior
Heating Hot Water
Building
Foundation Basement
Water Public Water
Structure Type Brick
Others
Ownership Bank Owned
Energy Description Natural Gas
Financing Cash,Conventional
Virtual Tour https://tours.runt.media/v/nW3b422
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Century 21 Curran & Oberski
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