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Larry Else

larry@dtrdetroit.com +1(313) 315-3215

$ 925,000

Est. payment -/mo

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Active

1055 PHILIP Street Detroit, MI 48215

20 Beds

20 Baths

11,949 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Other

Listing Status Active

Purchase Type For Sale

Square Footage 11,949 sqft

Price per Sqft $77

Subdivision Pointe View Joseph S Visger & Edgar J Hitchings

MLS Listing ID 20240088848

Style Other

Bedrooms 20

Full Baths 20

Year Built 1928

Annual Tax Amount $2,975

Lot Size 6,534 Sqft

Acres 0.15

Lot Dimensions 60.00 x 112.00

Property Sub-Type Other

Source Realcomp II Ltd

Property Description

1055 Philip St is a 20-unit multifamily investment opportunity located between Grosse Pointe Park and Jefferson Chalmers. This building includes 19 one-bedroom units and 1 two-bedroom unit. With area rental comps supporting $800 to $1,000 per one-bedroom unit, the property offers a projected gross monthly income between $16,000 and $20,000. Using a conservative estimate of $18,000/month, the annual gross income is $216,000. After estimated expenses, this property can deliver a cap rate of approximately 8–9%, with additional income potential from on-site coin-operated laundry. The property features a newer front roof, individually metered units for tenant-paid utilities, wall furnaces in each unit, and an existing radiator system that provides an alternative heating option if desired. Tenants benefit from side parking and a shared downstairs storage area that could be rented out for additional revenue. Public transportation is easily accessible, with a bus station just steps away on E Jefferson Ave, making for a quick 12-minute commute to Downtown Detroit. This property is strategically positioned near major development, including the $45 million Schaap Center for the Performing Arts expansion in Grosse Pointe Park. Whether you're a seasoned investor or entering the multifamily space, 1055 Philip offers strong cash flow, upside potential, and a prime location within Detroit's east-side resurgence.

Location

State MI

County Wayne

Area Det: Mcclellan East/Mack To Shor

Zoning Multi-Family

Direction N of Jefferson Ave E/E of Connor St

Rooms

Basement Unfinished

Interior

Heating Forced Air

Fireplace no

Heat Source Natural Gas

Exterior

Road Frontage Paved

Garage no

Building

Foundation Basement

Sewer Public Sewer (Sewer-Sanitary)

Water Public (Municipal)

Architectural Style Other

Level or Stories 4-10 Story

Structure Type Brick

Schools

School District Detroit

Others

Pets Allowed Yes

Tax ID W21I060751S

Ownership Short Sale - No,Private Owned

Assessment Amount $100

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Financing Cash,Conventional

Listed by Tiroca Battle of REALTEAM Real Estate

Larry Else

Broker | License ID: 386964

+1(313) 315-3215

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