Historic three unit multifamily in the heart of Midtown, Detroit. Walking distance to cultural institutions and a growing number of restaurants and retail. Only a few blocks from the new M-1 rail line to be completed in 2017. Private parking lot behind the building. Storage units in the basement. Recently rebuilt the back porch/fire escape, replaced soffits and part of the basement was water proofed. Theses capital improvements will not need to be done again to the property. The projected NOI without capital improvements recently made is $32,685 which is a 4.9% capitalization rate at asking price. Property is 100% occupied and the owner has had almost no turnover. Room to raise the rents. Washer and dryer in all the units. Would make an excellent condo conversion. More pictures will be added soon.
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