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$465,000
Est. payment /mo
5 Baths
4,356 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Municipality Dearborn City
Subdivision Dearborn City
MLS Listing ID 20261045677
Year Built 1930
Annual Tax Amount $6,385
Lot Size 4,356 Sqft
Acres 0.1
Lot Dimensions 35X121
Source Realcomp
Property Description
HEART OF EAST DEARBORN MULTI-FAMILY INVESTMENT OPPORTUNITY PRIME APPOLINE MULTI-FAMILY OPPORTUNITY LOCATED IN THE HEART OF EAST DEARBORN, OFFERING TWO WELL-LOCATED OCCUPIED PROPERTIES WITH STRONG TENANCY, RECENT CAPITAL IMPROVEMENTS, AND MEANINGFUL RENT UPSIDE. THE OFFERING INCLUDES 6022-6028 APPOLINE, A FULLY OCCUPIED 4-UNIT PROPERTY WITH ALL 1-BEDROOM / 1-BATH UNITS, CURRENTLY PRODUCING $3,515/MONTH GROSS INCOME. THE PROPERTY HAS LONG-TERM TENANTS IN PLACE, ZERO MOVE-OUTS SINCE 2023, AND SEVERAL RECENT IMPROVEMENTS INCLUDING HVAC REPLACEMENT WORK, MAJOR PLUMBING UPGRADES, FRONT PORCH MASONRY, EXTERIOR C OF O REPAIRS, AND APPLIANCES REPLACED ON TURNOVER. THREE OF THE FOUR UNITS ARE CONVENTIONAL MONTH-TO-MONTH AND MAY BE DELIVERABLE TO AN OWNER-OCCUPANT, MAKING THIS AN EXCELLENT OPPORTUNITY FOR AN FHA BUYER, HOUSE-HACKER, OR INVESTOR SEEKING STABLE INCOME WITH UPSIDE. UNIT 6028 #4 IS A SECTION 8 VOUCHER TENANCY, WITH APPROXIMATELY $595 OF THE $875 RENT PAID DIRECTLY BY THE HOUSING AUTHORITY SINCE 2019. 6037 APPOLINE, A 5-UNIT MULTI-FAMILY PROPERTY WITH ALL 1-BEDROOM / 1-BATH UNITS. ONCE UNIT 4 IS LEASED AT THE CURRENT ASKING RANGE OF $925-$950/MONTH, THE STABILIZED GROSS INCOME IS PROJECTED AT APPROXIMATELY $4,485/MONTH, OR ROUGHLY $53,800 ANNUALLY. CURRENT IN-PLACE GROSS INCOME IS $3,550/MONTH WITH FOUR OF FIVE UNITS OCCUPIED. THE PROPERTY FEATURES STRONG TENANCY, COMMITTED LEASES THROUGH 2026 AND 2027, ON-SITE LAUNDRY, AND RECENT IMPROVEMENTS INCLUDING BOILER/MECHANICAL WORK BY DETROIT FURNACE, UNIT RENOVATIONS, FLOORING UPDATES, EMERGENCY AND EXIT LIGHTING FOR C OF O, AND APPLIANCES REPLACED ON TURNOVER.BOTH PROPERTIES OFFER A RARE OPPORTUNITY TO ACQUIRE INCOME-PRODUCING MULTI-FAMILY ASSETS IN ONE OF EAST DEARBORN'S MOST ACTIVE RENTAL MARKETS, WITH STABLE IN-PLACE INCOME AND ROOM TO INCREASE RENTS OVER TIME. FINANCIALS AND ADDITIONAL PROPERTY DETAILS AVAILABLE UPON REQUEST.
Location
State MI
County Wayne
Zoning Multi-Family,Residential
Direction S OF FORD RD W OF MILLER
Interior
Heating Baseboard
Exterior
View Y/N No
Building
Water Public
Structure Type Brick
Schools
School District Dearborn
Others
Tax ID 32821008313019
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Listed by Century 21 Curran & Oberski
Nearby School & Business
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