3224 MONTEREY Street Detroit, MI 48206
UPDATED:
10/10/2024 05:27 PM
Key Details
Property Type Multi-Family
Sub Type Quadruplex
Listing Status Pending
Purchase Type For Sale
Square Footage 4,880 sqft
Price per Sqft $67
Subdivision Linwood Heights (Plats)
MLS Listing ID 20240050105
Style Quadruplex
Bedrooms 4
Full Baths 4
Half Baths 4
Originating Board Realcomp II Ltd
Year Built 1924
Annual Tax Amount $7,309
Lot Size 6,534 Sqft
Acres 0.15
Lot Dimensions 53.00 x 121.00
Property Description
Welcome to this prime investment property in the sought-after Dexter Linwood neighborhood!
This meticulously renovated 4-family house offers a lucrative opportunity for investors seeking a turnkey rental income.
Key Features:
• Furnaces: Each unit is equipped with its own furnace, so tenants can control their comfort.
• Separate Utilities: Individual meters for electricity, gas, and water provide tenants with the convenience of managing their own utilities, enhancing rental desirability and ease of management.
• Separate Basement Areas with Laundry Space
• Renovated Interiors: Modern upgrades throughout, including updated kitchens, bathrooms, and flooring, attract quality tenants and maximize rental income potential.
• Spacious Layouts: Generously sized units with multiple bedrooms and living spaces offer flexibility and appeal to a variety of renters.
Additional Benefits:
• Low Maintenance: Recent renovations mean minimal upkeep costs for investors, allowing for higher profit margins.
• Desirable Location: Located in a thriving neighborhood where the Joe Louis biking/walking trail is planned to wind through this charming neighborhood
• The Neighborhood has many amenities: Schools, close to downtown and midtown, transportation options nearby, ensuring high tenant demand.
Investment Potential:
• Steady Rental Income: With four units generating income. Property provides stable cash flow opportunity. Estimated cash on cash return of 20% / year.
• Rents are estimated to increase 5% per year.
• Appreciation: Positioned in an area with increasing property values, estimated to be near 3% per year, offering potential for long-term appreciation.
Property includes the lot along the driveway side.
Don't miss out on this exceptional investment opportunity! Expanding your portfolio or starting anew, this property promises both immediate cash flow.
Location
State MI
County Wayne
Area Det: Livernois-I75 6-Gd River
Zoning Multi-Family
Direction !st block East of Dexter on Monterey
Rooms
Basement Unfinished, Private
Interior
Interior Features 100 Amp Service, Cable Available, Circuit Breakers
Hot Water Natural Gas
Heating Forced Air
Fireplace no
Heat Source Natural Gas
Exterior
Garage Spaces 2.0
Pool No
Waterfront no
Roof Type Asphalt
Porch Balcony
Road Frontage Paved
Garage no
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Architectural Style Quadruplex
Level or Stories 2 Story
Structure Type Brick
Schools
School District Detroit
Others
Pets Allowed No
Tax ID W12I003707S
Ownership Short Sale - No,Private Owned
Acceptable Financing Assumable (Asm-Lend App), Cash, Conventional, FHA, FHA 203K
Rebuilt Year 2024
Listing Terms Assumable (Asm-Lend App), Cash, Conventional, FHA, FHA 203K
Financing Assumable (Asm-Lend App),Cash,Conventional,FHA,FHA 203K
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