248 Richter Street, River Rouge, Michigan 48218
$319,900
Property Details
- MLS#: 20261029620
- Bedrooms: N/A
- Bathrooms: 6
- Square Feet: 3,691
- Price per Sqft: $87
- Lot Size: 0.14 acres
- Year Built: 1957
- Property Type: ResidentialIncome
- Status: Active
- Days on Market: 22
Description
Rare opportunity to own a fully occupied 6-unit multifamily investment property in the heart of River Rouge, conveniently located near Belanger Park and the Detroit Riverfront. This unique ranch-style, single-story apartment building offers a highly desirable layout with no upper or lower units — a major advantage for both tenants and investors due to ease of maintenance, accessibility, and strong long-term rental appeal.
The property features four spacious 2-bedroom units and two 1-bedroom units, each with its own private bathroom. All six units are occupied and generating approximately $55,200 annually in gross rental income with an estimated net operating income of approximately $43,000 per year. Tenants are responsible for their own gas and electric utilities, helping keep owner expenses lower and improving overall investment performance. For investors analyzing returns, the numbers make sense and offer an attractive cap rate opportunity depending on financing structure and purchase price.
Situated on a prominent corner lot, the property also includes on-site parking. This is an excellent opportunity for investors seeking immediate cash flow, stable occupancy, and a low-maintenance multifamily asset with upside potential.
Please do not disturb tenants. Property is being sold as-is. Buyer to verify all information and measurements.
Location
This property is located in River Rouge, Michigan. River Rouge is part of the Metro Detroit area, offering convenient access to employment, schools, shopping, and recreation.
Frequently Asked Questions
What is the price of 248 Richter Street?
248 Richter Street is listed at $319,900, or $87 per square foot.
How many bedrooms does 248 Richter Street have?
This property has N/A bedrooms and 6 bathrooms, with 3,691 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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