2017 Burlingame St - Apartments FOR SALE


Detroit, MI 48206- North Detroit
$700,000 USD
313-571-6581
2017 Burlingame St, Detroit, MI for Sale
$700,000 USD
Apartments - FOR SALE
1/21
null | 12.02% Cap Rate

2017 Burlingame St
Detroit, MI 48206
North Detroit


HIGHLIGHTS

  • 2017 Burlingame Street is a 10-unit multifamily building with three units leased under Section 8 and the remaining ready to be occupied.
  • Nestled in the Boston Edison District with a land contract available.
  • Recent upgrades include a new roof, boilers, paint, flooring, and more.
  • Site amenities include property management, maintenance, and laundry facilities on-site.

OVERVIEW

2017 Burlingame Street presents a prime multifamily investment opportunity in Detroit! Discover the potential of a high-upside, value-add 10-unit multifamily property with timeless charm and modern upgrades, offering a high upside in the desirable Boston Edison District. Spanning almost 8,000 square feet, this brick-and-block property features seven one-bedroom and three two-bedroom units, with a potential monthly rental income of $9,500 and a projected net annual income of $84,000. Recent updates include three new boilers, an upgraded roof, upgraded windows, fresh paint, new flooring in four units, and updated kitchen counters and vanities. The property also includes new appliances (to be installed), a full basement with storage and laundry facilities, and parking for 20 vehicles. This property is an outstanding investment. Three units are already leased through Section 8, generating immediate income, and owner-paid utilities cost just $760/month. Financing options include cash, conventional, or a land contract with a $350,000 down payment at a 7.5% interest rate. Don’t miss this exceptional opportunity—schedule your showing today! Invest in a property that offers both financial rewards and a connection to one of Atlanta's most beloved neighborhoods.

FOR SALE DETAILS

PRICE

$700,000 USD

PRICE/SF

$89 USD /SF

# OF UNITS

10

PRICE/UNIT

$70,000

CAP RATE

12.02%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1948

PARKING SPACES

20

LAND DETAILS

LAND ACRES

0.27 AC

LAND SF

11,761 SF

ZONING

R5

APN/PARCEL ID

08-00337-694

ASK ABOUT THIS PROPERTY

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313-571-6581

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313-571-6581

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