Detroit, MI 48204,5287 SPOKANE Street

$105,000

Est. payment /mo

$100,000

5.0%
Est.Price: ?

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5287 SPOKANE Street Detroit, MI 48204

2 Beds

2 Baths

2,352 SqFt

SOLD DATE : 12/18/2023

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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Realcomp MLS
Listed by Shawn A Calhoun of Pretty Home Realty
Bought with Elite Urban R E Professionals

Downtown Realty

Brokerage | License ID: 6505386963

+1(313) 466-7253

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