1055 PHILIP Street Active Save Request In-Person Tour Request Virtual Tour
Detroit,MI 48215 2851
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 11,949 sqft
Price per Sqft $77
Subdivision Mi
MLS Listing ID 60357070
Full Baths 20
Year Built 1928
Annual Tax Amount $2,975
Lot Size 6,534 Sqft
Acres 0.15
Lot Dimensions 60.00 x 112.00
Property Sub-Type Multi-Family
Property Description
1055 Philip St is a 20-unit multifamily investment opportunity located between Grosse Pointe Park and Jefferson Chalmers. This building includes 19 one-bedroom units and 1 two-bedroom unit. With area rental comps supporting $800 to $1,000 per one-bedroom unit, the property offers a projected gross monthly income between $16,000 and $20,000. Using a conservative estimate of $18,000/month, the annual gross income is $216,000. After estimated expenses, this property can deliver a cap rate of approximately 8–9%, with additional income potential from on-site coin-operated laundry. The property features a newer front roof, individually metered units for tenant-paid utilities, wall furnaces in each unit, and an existing radiator system that provides an alternative heating option if desired. Tenants benefit from side parking and a shared downstairs storage area that could be rented out for additional revenue. Public transportation is easily accessible, with a bus station just steps away on E Jefferson Ave, making for a quick 12-minute commute to Downtown Detroit. This property is strategically positioned near major development, including the $45 million Schaap Center for the Performing Arts expansion in Grosse Pointe Park. Whether you're a seasoned investor or entering the multifamily space, 1055 Philip offers strong cash flow, upside potential, and a prime location within Detroit's east-side resurgence.
Location
State MI
County Wayne
Area Detroit (82001)
Zoning Multi-Family
Interior
Heating Forced Air
Fireplace No
Exterior
Exterior Feature Brick
Building
Foundation Basement
Water Public Water
Structure Type Brick
Schools
School District Detroit City School District
Others
Ownership Private
Assessment Amount $100
Energy Description Natural Gas
Financing Cash,Conventional