66
See all 66 photos
$7,000,000
Est. payment /mo
131 Beds
138 Baths
67,608 SqFt
New
23740 Fenkell ST Detroit, MI 48223
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Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
Square Footage 67,608 sqft
Price per Sqft $103
Subdivision More Than One Legal Involved
MLS Listing ID 58050198321
Bedrooms 131
Full Baths 138
Year Built 1967
Lot Size 2.340 Acres
Acres 2.34
Property Sub-Type MultiFamily
Property Description
Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases, providing a clear value-add opportunity. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio.
Location
State MI
County Wayne
Area Area05033Detschcraft6Grnfldlimits
Interior
Heating Natural Gas, Separate Meters, Steam
Fireplace No
Exterior
View Y/N No
Building
Foundation Basement
Sewer Public Sewer
Water Public
New Construction No
Schools
High Schools Detroit
School District Detroit
Others
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition ShortSaleNo, Standard
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Listed by Justin Zehel of Keller Williams Paint Creek
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