$105,000
$100,000
5.0%For more information regarding the value of a property, please contact us for a free consultation.
5287 SPOKANE Street Detroit, MI 48204
2 Beds
2 Baths
2,352 SqFt
Key Details
Sold Price $105,000
Property Type Multi-Family
Sub Type Upper/Lower Apartment
Listing Status Sold
Purchase Type For Sale
Square Footage 2,352 sqft
Price per Sqft $44
Subdivision Joseph Tireman
MLS Listing ID 20230087219
Style Upper/Lower Apartment
Bedrooms 2
Full Baths 2
Year Built 1924
Annual Tax Amount $1,163
Lot Size 3,484 Sqft
Property Description
Calling all investors searching for an income-generating asset- Don't miss out on this remarkable opportunity to own a brick multi-unit property in the vibrant city of Detroit! With its convenient location and attractive features, this property has great return on investment potential for savvy buyers. This two-level property is turn-key & tenant ready. It features two 3-bedroom units that have been freshly painted throughout with new carpet, updated bathrooms, electrical & plumbing. Both kitchens have been refreshed & there are new light fixtures & new windows. In terms of cash flow, this property can generate substantial income, with the potential to earn up to $2,400 per month when fully rented. Detroit's rental market is thriving, making this property an excellent opportunity for those seeking a steady stream of rental income that equals an 18% Cash on Cash return! ($28,800 annual rent - $10,206 Projected annual operating expenses / $100k initial investment = 18.5%) This location offers easy access to a variety of amenities that tenants are looking for including shops, markets, restaurants, entertainment & career options such as Wayne State University, Henry Ford Hospital, Motown Museum, Pi Sci Pizza, Zebee Fish Market, plus it's only 14 minutes from Downtown. Don't miss out on this cash flow potential!
Location
State MI
County Wayne
Area Det South Of Grand River
Zoning Multi-Family
Interior
Heating Forced Air
Cooling Ceiling Fan(s)
Laundry 1
Exterior
Garage Spaces 1.0
Roof Type Asphalt
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Structure Type Brick
Schools
School District Detroit
Others
Assessment Amount $340
Acceptable Financing Cash, Conventional, Warranty Deed
Listing Terms Cash, Conventional, Warranty Deed
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