Exceptional opportunity to acquire a well-located 20-unit multifamily asset in the heart of Grosse Pointe, one of Metro Detroit’s most desirable and supply-constrained rental markets. This stabilized community offers immediate cash flow with significant upside through continued rent growth and value-add execution.
The property features a strong unit mix with spacious floor plans, well-maintained interiors, and a history of high occupancy. Current ownership has completed substantial capital improvements in recent years, including renovations to a portion of the units, allowing a new owner to continue implementing a proven renovation and rent-increase strategy.
Situated in a premier residential setting near the waterfront, top-rated schools, retail, dining, and major employment corridors, the property benefits from consistent tenant demand and long-term market stability. Grosse Pointe’s limited multifamily inventory and strong demographic profile create a compelling environment for sustained rental growth and asset appreciation.
With in-place income, professional management history, and clear value-add potential, this offering is ideal for investors seeking a stabilized asset with both immediate yield and long-term upside in a premier suburban market.
For sale
$3,995,000
516 Neff Ln, Grosse Pointe, MI 48230
40beds
16,080sqft
Multi Family
Built in 1972
-- sqft lot
$-- Zestimate®
$248/sqft
$-- HOA
What's special
Well-maintained interiorsPremier residential settingSpacious floor plans
- 159 days |
- 710 |
- 44 |
Zillow last checked:
Listing updated:
Listed by:
Mackenzie Laforest 734-210-3789,
Pinnacle Plus Realty LLC 248-893-7795
Source: Realcomp II,MLS#: 20261004006
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Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 40
- Bathrooms: 20
- Full bathrooms: 20
Heating
- Forced Air, Natural Gas
Cooling
- Central Air
Appliances
- Laundry: Laundry Room
Features
- Entrance Foyer
- Windows: Egress Windows
- Basement: Full,Unfinished
- Has fireplace: No
Interior area
- Total interior livable area: 16,080 sqft
- Finished area above ground: 16,080
Property
Parking
- Total spaces: 22
- Parking features: Assigned, Carport
- Has carport: Yes
Accessibility
- Accessibility features: Accessible Entrance
Features
- Levels: Two
- Stories: 2
- Exterior features: Balcony, Lighting
- Pool features: None
- Body of water: Lake st.Clair
Lot
- Size: 0.97 Acres
- Dimensions: 114.20 x 437.00
Details
- Parcel number: 37004990009000
- Zoning description: MultiFamily
- Special conditions: Short Sale No,Standard
Construction
Type & style
- Home type: MultiFamily
- Architectural style: Upper Lower Apartment
- Property subtype: Multi Family
Materials
- Brick
- Foundation: Basement, Block
- Roof: Asphalt
Condition
- New construction: No
- Year built: 1972
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
- Utilities for property: Above Ground Utilities
Community & HOA
Community
- Security: Carbon Monoxide Detectors, Firewalls, Smoke Detectors
Location
- Region: Grosse Pointe
Financial & listing details
- Price per square foot: $248/sqft
- Tax assessed value: $743,062
- Annual tax amount: $44,052
- Date on market: 1/20/2026
- Cumulative days on market: 159 days
- Listing agreement: Exclusive Right To Sell
- Listing terms: Cash,Conventional
Estimated market value
Not available
Estimated sales range
Not available
$1,890/mo
Price history
| Date | Event | Price |
|---|---|---|
| 1/20/2026 | Listed for sale | $3,995,000-9.2%$248/sqft |
Source:  Realcomp II #20261004006 Report a problem | ||
| 7/11/2023 | Listing removed | -- |
Source: Realcomp II #20230025255 Report a problem | ||
| 4/6/2023 | Listed for sale | $4,400,000+64.5%$274/sqft |
Source: Realcomp II #20230025255 Report a problem | ||
| 5/3/2022 | Sold | $2,675,000$166/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2025 | -- | $732,500 +6.7% |
| 2024 | -- | $686,400 +1.9% |
| 2023 | -- | $673,700 +5.3% |
| 2022 | -- | $639,700 +9% |
| 2021 | -- | $586,700 |
| 2020 | $37,386 +10.3% | $586,700 +1.9% |
| 2019 | $33,889 | $576,000 +1.4% |
| 2018 | $33,889 +0.1% | $568,000 +0.1% |
| 2017 | $33,853 | $567,500 -0.1% |
| 2016 | $33,853 | $568,000 +5.6% |
| 2015 | -- | $538,000 |
Find assessor info on the county website
Monthly payment
Est. payment$--/mo
Payment breakdown
Explore the cost of this home by adjusting the details. Changes won't be saved.All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
See how much you could borrow to make a competitive offer.
Climate risks
Neighborhood: 48230
Nearby schools
GreatSchools rating
- 10/10Lewis Maire Elementary SchoolGrades: K-4Distance: 0.4 mi
- 9/10Pierce Middle SchoolGrades: 5-8Distance: 1.3 mi
- 10/10Grosse Pointe South High SchoolGrades: 9-12Distance: 0.6 mi
A local agent can set up tours, give advice and negotiate with sellers.
- Michigan
- Wayne County
- Grosse Pointe
- 48230
- 516 Neff Ln
Nearby cities
Nearby zip codes
Other Grosse Pointe Topics
