7403 Midland Street Active Save Request In-Person Tour Request Virtual Tour
Detroit,MI 48238
Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 6,014 sqft
Price per Sqft $58
Subdivision Mi
MLS Listing ID 60944412
Style 2 Story
Full Baths 8
Year Built 1928
Annual Tax Amount $8,820
Lot Size 4,791 Sqft
Acres 0.11
Lot Dimensions 35X130
Property Sub-Type Multi-Family
Property Description
Remarkable 8-Unit Investment Opportunity in the Fitzgerald/Marygrove Neighborhood! Discover this rare multi-family property just steps from the University of Detroit Mercy and less than a mile from the Avenue of Fashion. Each of the eight units features two bedrooms and one bathroom, providing strong rental potential in one of Detroit's most sought-after and revitalizing areas. The building features a newer roof, new electrical and plumbing systems, some recessed lighting already installed, as well as common area fixtures, newer bathrooms in most of the units, and kitchen renovations already started with new flooring - so much of the heavy lifting has already been completed. Each unit is separately metered for gas and electricity, allowing residents to pay their own utilities. To complete the project, only HVAC systems, hot water tanks, and cosmetic finishes remain. Once completed, this property is projected to generate an estimated 20%+ cap rate(at $1200/month rents), making it an outstanding income-producing investment. Located near Marygrove Conservancy, Ella Fitzgerald Park, and the Livernois-McNichols corridor, the neighborhood continues to benefit from major reinvestment through new streetscapes, parks, and local business development. Residents enjoy easy access to major freeways, shopping, dining, nightlife, and entertainment, with quick commutes to Downtown Detroit, Midtown, and nearby employment centers. All measurements and data are estimated.
Location
State MI
County Wayne
Area Detroit (82001)
Zoning Multi-Family
Rooms
Basement Block
Interior
Heating Forced Air
Fireplace No
Exterior
Exterior Feature Brick
Amenities Available Private Entry
Building
Story 2 Story
Foundation Basement
Water Public Water
Structure Type Brick
Schools
School District Detroit City School District
Others
Ownership Private
Energy Description Natural Gas
Financing Cash,Conventional,Exchange/Trade