7406 Oakland St - Apartments CONDO FOR SALE


Detroit, MI 48211
$278,000 USD
313-319-1370
7406 Oakland St, Detroit, MI for Sale
$278,000 USD
Apartments CONDO - FOR SALE
1/39
null | Request Cap Rate

7406 Oakland St
Detroit, MI 48211


HIGHLIGHTS

  • Up and coming area of North End
  • Commercial zoning

OVERVIEW

Excellent cash flow opportunity! Recently renovated, this 4-unit property offers a mix of studio, one-bedroom, and two-bedroom units, catering to a diverse tenant base and maximizing income potential. This property is in the quickly-growing North End neighborhood, walkable to restaurants and coffee shops. With the potential for steady rental income and the recent renovations minimizing maintenance costs, this quadplex stands as a strategic investment for those seeking to build a reliable stream of passive income in an emerging Detroit neighborhood. Due to location, unit sizes, and separate entrances, this is a versatile investment and could be a blend of short, mid and long-term rentals. Updates include: full unit remodels - kitchens with granite counters and new appliances, bathrooms with new vanities and fixtures, and new flooring throughout. Other recent updates: new furnaces, plumbing, roof, and hot water tanks. Gas and electric meters are separate, so tenants pay their own - water, lawn and snow included in the rent. PLEASE NOTE this property has some structural repairs and the property has been priced accordingly. Inspection reports and quotes available upon request. Property is rental certified with the City of Detroit (certificate of compliance). Unit 1- occupied - $950/mo, neighborhood legal pays about 30% of rent- washer dryer hook up only, no washer and dryer in unit; Unit 2- studio- vacant, last rented for $850/mo- washer and dryer access in basement; Unit 3- 1 bed- vacant - previously leased for $1000/mo - laundry in unit and basement access; Unit 4- 2 bed- occupied - leased for $1125/mo - laundry in unit;

FOR SALE DETAILS

PRICE

$278,000 USD

PRICE/SF

$278,000 USD /SF

CAP RATE

Request Cap Rate

# OF UNITS

1

CONDO SIZE

-

% LEASED

-

TENANCY

-

SALE TYPE

Owner User

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

2,262 SF

STORIES

1

BUILDING CLASS

C

YEAR BUILT

1910

SPRINKLERS

-

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.09 AC

LAND SF

3,720 SF

ZONING

B4

APN/PARCEL ID

05-004669

ASK ABOUT THIS PROPERTY

Jan DijkersBerkshire Hathaway HomeServices|The Loft WarehouseMore Info
313-319-1370

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Jan DijkersBerkshire Hathaway HomeServices|The Loft WarehouseMore Info
313-319-1370

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.