Address
5807 Toledo Street, Detroit, MI
Price
$ 829,000
Property Attributes
- MLS#24002320
- TypeMulti-Family
- CountyWAYNE
- CityDetroit
- AreaDetroit City
- NeighborhoodDetroit City
- Zip48209
- Style5+ Units
- Year Built1923
- Taxes$ 16602
- Price$ 829,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Lot Size7,405 SqFt
Data Source:
Michigan Regional Information Center (MICHRIC)
Property Description
Welcome to your next investment opportunity in the heart of Southwest Detroit! This 10-unit building is a beacon of potential, boasting numerous features that make it a lucrative addition to your portfolio.The upgraded units in this building command top dollar, with rents reaching up to $1,200 per month. This means a potential annual income of around $140,000 when all units are fully upgraded.Southwest Detroit is experiencing rapid appreciation, making this property an even more attractive investment. The neighboring $4.4BN Gordie Howe Bridge development is scheduled to complete next year. Its surrounding areas have seen significant development, making it an exciting time to invest in this community.Each unit in this building is individually metered, ensuring that tenants are responsible for their utility costs, simplifying property management for you and increasing your return on investment.Tenants will appreciate the convenience of air conditioning in every unit, enhancing their living experience and allowing you to command premium rents.Just a quick drive away, Downtown Detroit is less than 10 minutes from this property, offering residents access to employment centers, dining, and entertainment options. Nearby Michigan Central Station Development in CorktownWith its proximity to the nearly $1BN Michigan central station development in Corktown, this property is strategically positioned to benefit from ongoing urban revitalization and increased demand for housing in the area.This stabilized 10-unit building is a rare gem for savvy investors, combining attractive rental income potential with a prime location in a neighborhood poised for substantial growth. Don't miss out on this turn-key opportunity to secure significant cash flow and capitalize on the flourishing Southwest Detroit real estate market.Contact us today to schedule a viewing and seize this excellent investment before it's gone!
| Price History | |
|---|---|
| 1/9/2024 | Listed $849,000 |
| 4/10/2024 | 3% - $829,000 |
General Features
| Sewer | Public Sewer |
|---|---|
| Heating | Forced Air,Natural Gas |
| Cooling | Central Air |
| Utilities | Public Water Available,Natural Gas Connected |
| Possession | Close Of Escrow |
| Construction Materials | Brick |
| Year Built | 1923 |
| Tenant Pays | Electric,Gas |
| Township | Detroit City |
| Property SubType | 5+ Units |
| Tax Year | 2023 |
| Gross Income | 103330.0 |
| OwnerPays | Trash Collection,Water |
| County | Wayne |
| New Construction | No |
| Property Type | Multi-Family |
| Association Amenities | Pets Allowed |
| HOA / Comm Assn | Yes |
| Subdivision Name | WALTER CRANE FARM (PLATS) |
| Status | Active |
| Directions | Toledo and Campbell |
| City | Detroit |
| High School District | Detroit |
| Zoning Description | Multi-Family |
| Total Units | 10 |
| MLS Area | Wayne County - 100 |
| Lot Size Square Feet | 7405.0 |
| Waterfront Y/N | No |
| Street Name | Toledo |
| Land Lease Y/N | No |
| Tax Annual Amount | 16602.0 |
| Lease Renewal Y/N | No |
| MLS Area Minor | Wayne County - 100 |
| Additional Parcels Y/N | No |
| Rent Control Y/N | No |
| Days on Market | 139 |
| Standard Status | Active |
| Tax Assessed Value | 182003 |
| MobileHomeRemainsYN | No |
| Legal Description | S TOLEDO 1166&1167 E 10 FT 1168 SUB OF WALTER CRANE FARM L5 P29 PLATS,W C R 16/9 60 X 123 |
| Senior Community | None |
Interior Features
| Basement | Michigan Basement |
|---|---|
| Total Fireplaces | 1 |
| Basement (Y/N) | Yes |
| Air Conditioning Y/N | Yes |
| Heating Y/N | Yes |
| Street Suffix | Street |
| Electric On Property Y/N | No |
Exterior Features
| Total Parking | 0.0 |
|---|---|
| Lot Size Area | 0.17 |
| Number of Buildings | 1 |
| Spa | No |
| Lot Dimensions | 60.00 x 123.00 |
| OwnerPhone | 313-355-3004 |
| Lot Size Acres | 0.17 |
| Road Surface Type | Paved |
| Lot Size Units | Acres |
| Crops Included Y/N | No |
| Open Parking Y/N | No |
| Horse Y/N | No |
| Irrigation Water Rights Y/N | No |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Multi-Family Average in 48209
Price
Taxes
Visits
Year Built
Listing information is provided by Participants of the MichRIC MLS. IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information deemed reliable but not guaranteed. ©: MichRIC MLS. Last Update May 19, 2024 5:41 AM UTC
Water Wonderland Board of REALTORS® All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
Northern Great Lakes REALTORS® MLS All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested
