23740 Fenkell Street, Detroit, Michigan 48223

$7,000,000

Property Details

MLS#: 58050198321
Bedrooms: 131
Bathrooms: 138
Square Feet: 67,608
Price per Sqft: $104
Lot Size: 2.34 acres
Year Built: 1967
Property Type: ResidentialIncome
Status: Active
Days on Market: 9

Description

Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases. Seller has done numerous amounts of upgrades and remodeling to the property in the past couple of years. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. Property has Certificate of Compliance good through 2027

Location

This property is located in Detroit, Michigan. Detroit is part of the Metro Detroit area, offering convenient access to employment, schools, shopping, and recreation.

Frequently Asked Questions

What is the price of 23740 Fenkell Street?

23740 Fenkell Street is listed at $7,000,000, or $104 per square foot.

How many bedrooms does 23740 Fenkell Street have?

This property has 131 bedrooms and 138 bathrooms, with 67,608 square feet of living space.

Schedule a Showing

Interested in this property? Contact Sonic Realty to schedule a private showing. Our experienced agents can help you navigate the home buying process.

Phone: (313) 466-2430

Email: info@sonicrealty.com

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