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Buy&Hold (Multifamily): (48 Units) 23411 Fenkell Avenue, Detroit, MI 48223 + UNAVAILABLE

Updated: Jan 20

Multifamily Investment Opportunity




Price

$2,150,000


48 Units




Introducing a remarkable opportunity to own a multifamily apartment complex situated at 23411 Fenkell Ave in the vibrant city of Detroit, MI. This well-maintained property consists of 48 units and offers a combination of comfortable living spaces, desirable amenities, and an unbeatable location, making it an excellent investment prospect.

Key Features:

  1. Prime Location: Nestled in the heart of Detroit, this multifamily apartment complex benefits from a central position that provides convenient access to local attractions, dining, shopping, and employment opportunities. Its proximity to major transportation routes ensures ease of commute for residents, enhancing the property's appeal.

  2. Strong Investment Potential: Operating at above a 7% CAP RATE, this multifamily apartment complex presents a lucrative investment opportunity with potential for stable rental income and long-term appreciation. The property's financial performance showcases its viability as a sound investment option.

  3. Desirable Amenities: The property boasts a beautifully designed courtyard, offering residents a serene outdoor space to relax and socialize. Additionally, new exterior lighting enhances security and aesthetics. The presence of separate electric metering allows for efficient management and equitable billing.

  4. Recently Refurbished Boilers: The complex features recently refurbished boilers, ensuring reliable heating for all units. This improvement enhances tenant comfort while reducing maintenance costs for the owner.

  5. Balconies Rebuilt to City Code: The balconies have been rebuilt to meet the city's code requirements, ensuring compliance and safety for residents. This investment reflects the owner's commitment to maintaining a high standard of quality throughout the property.

  6. Diverse Unit Configurations: The complex comprises a mix of thoughtfully designed units, including spacious studios, one-bedroom, and two-bedroom apartments. This variety accommodates the needs of a wide range of potential tenants, ensuring broad market appeal and a stable occupancy rate.

  7. Well-Maintained and Managed: The multifamily apartment complex has been meticulously maintained and managed, ensuring a hassle-free ownership experience for the new investor. A dedicated management team is in place to oversee day-to-day operations, ensuring smooth tenant relations, timely maintenance, and efficient administration.

  8. Additional Information: For interested buyers, additional information including financials, unit breakdowns, and property specifications are available upon request. We invite you to reach out to our team to discuss this exceptional investment opportunity in greater detail.

Don't miss your chance to own a meticulously maintained multifamily apartment complex in the thriving city of Detroit. With its prime location, diverse unit configurations, desirable amenities, and strong investment potential operating at above a 7% CAP RATE, this property is poised to deliver solid returns for years to come.


Contact us today to request further information or to schedule a private tour of this remarkable multifamily apartment complex on Fenkell Ave in Detroit, MI.


Please submit all offers directly to sarter@promiselandrealtyllc.com



Operating at Above 7% CAP RATE


|Courtyard | New Exterior Lighting | Separate Electric Metering | Recently Refurbished Boilers | Balconies Rebuilt to City Code


Property Map












"Your #1 Source for Off Market Investment Properties, NATIONWIDE"



PROMISE LAND REALTY, LLC

Work: 864-762-2509


All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. You do NOT HAVE PERMISSION to market this property WITHOUT EXPRESSED WRITTEN CONSENT. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*

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