Welcome Highland Park, MI! Nestled within a vibrant community, this charming apartment building offers a comfortable lifestyle just moments away from local amenities. Conveniently located near major highways and public transportation, commuting is a breeze. Don't miss out on this opportunity to experience urban living at its finest in Highland Park with easy access to Davison Freeway and the John C. Lodge Freeway.Investing in real estate in Highland Park, MI, presents opportunities for investors to benefit from affordability, potential appreciation, steady rental demand, favorable location, and redevelopment prospects.This property has been prepared for restoration. Looking for the right investor to take on a new project. There is a lot of opportunity and potential. Commercial storefronts can be used for business or be converted to add additional residential units. SALE OF THIS PROPERTY ALSO INCLUDES A BONUS VACANT LOT ACROSS THE STREET AT 279 RICHTON ST. This allows for future development opportunities to create additional profits and return on investment.280 Richton St is a four story vacant brick building that includes 34 residential units as well as 4 commercial units on the ground level for a total of 38 units:Number of 1 Bedroom Units: 30 Number of 2 Bedroom Units: 3 Number of 3 Bedroom Units: 1 Number of Commercial Units: 4Investing in real estate in Highland Park, MI, can be advantageous for several reasons:-Compared to nearby areas, real estate prices in Highland Park may be more affordable, offering opportunities for investors to acquire properties at lower costs.-Potential for appreciation: Highland Park is undergoing revitalization efforts, which could lead to an increase in property values over time as the area develops and improves.-Rental demand: With its proximity to Detroit and various amenities, Highland Park can attract renters seeking affordable housing options. Investors can capitalize on steady rental demand and potentially achieve attractive rental yields.
3 months ago | Listing updated with changes from the MLS® | |
3 months ago | Price changed to $499,995 | |
6 months ago | Status changed to Active | |
6 months ago | Listing first seen on site |
Provider and Settlement Service | Charge or Range of Charges |
---|---|
Sonic Realty LLC | 1%-6% of purchase price |
Sonic Title Agency, LLC |
Title Insurance Policy: $950 - $1706 on a $250,000 property. (Rates vary and are dependent on the state, selling price, and loan amount on the property.) Title Search Fee: $250 - $325 (where applicable) Closing Fee: $450 - $650 |
Sonic Loans Inc. This company provides various real estate mortgage loan origination activities either as a third-party originator or a mortgage broker, including loan pre-qualification, competitive bid process (when providing third-party origination services), loan origination, loan pre-approval, loan structuring, processing, and closing. |
Loan Origination Charge: 0-3 % of loan amount (may include 3rd party fees) Loan Discount Fee/points: 0.5%-6% of loan amount. Application/Processing Fee: $0.00 - $875.00 Flood and tax service: $0.00 - $95.00 Underwriting Fee: $0.00 - $1295.00 Document Review Fee: $0.00 - $400.00 Appraisal Fee: $0.00 - $850.00 Credit Report Fee: $0.00 - $135.00 Actual charges may vary according to the particular lender selected, the particular services provided, and the underlying transaction, borrower selections, etc. Some or all of these fees may be charged by third parties and/or the Member Mortgage Lender/Mortgage Broker. The Member Lenders and Mortgage Brokers have agreed to pay a fee ranging from 0.5% to 2.75% of the loan amount to Sonic Loans in connection with a range of loan origination services provided by Sonic Loans to the Member Lender/Mortgage Broker. The fees are paid either directly to Sonic Loans by the Member Lender/Mortgage Broker or billed directly to you at closing. |
Provider and Settlement Service | Charge or Range of Charges |
---|---|
Appraisal Fee | $0-$800 |
Credit Report Fee | $63-$125 |
Did you know? You can invite friends and family to your search. They can join your search, rate and discuss listings with you.