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$699,000
Est. payment /mo
2,209 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Commercial/Industrial
Listing Status Active
Purchase Type For Sale
Square Footage 2,209 sqft
Price per Sqft $316
Subdivision Mi
MLS Listing ID 60953434
Annual Tax Amount $2,179
Lot Size 1,306 Sqft
Acres 0.03
Lot Dimensions 100x100
Property Sub-Type Commercial/Industrial
Property Description
Exceptional investment opportunity in the Fort Shelby Residences, located in the heart of Detroit's Central Business District. This offering includes two high-floor condos situated just below the penthouse level. Both units are fully leased through July 2026, providing immediate and reliable cash flow. Residents benefit from the amenities of the Hilton DoubleTree Hotel located below the residences, including lobby reception, coffee shop, restaurant and bar, business and reception center, and fitness room. The residential floors sit above the hotel in the historic Albert Kahn tower, offering additional privacy. These units enjoy extremely low property taxes - less than $3,000 per unit per year - thanks to the NEZ-Rehab tax abatement in place through 2032. The HOA does not restrict long-term leasing; short-term rentals are not permitted. With continued development throughout West Downtown, including the Cambria Hotel, Water Square Apartments at the former Joe Louis site, and the Ralph C. Wilson Jr. Centennial Park, these condos are well-positioned for appreciation. As individual condominium units, they may also be sold separately in the future to maximize resale value.
Location
State MI
County Wayne
Area Detroit (82001)
Zoning Multi-Family
Building
Foundation Basement
Water Public Water
Structure Type Brick,Stone
Others
Ownership Private
Financing Cash,Conventional,Exchange/Trade
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Listed by Berkshire Hathaway HomeServices The Loft Warehouse
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