4
See all 4 photos
$319,900
Est. payment /mo
6 Baths
3,691 SqFt
Active
248 Richter Street River Rouge, MI 48218 1644
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Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 3,691 sqft
Price per Sqft $86
Subdivision Mi
MLS Listing ID 60988186
Style 1 Story
Full Baths 6
Year Built 1957
Annual Tax Amount $5,089
Lot Size 6,098 Sqft
Acres 0.14
Lot Dimensions 60X100
Property Sub-Type Multi-Family
Property 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
State MI
County Wayne
Area River Rouge (82144)
Zoning Multi-Family
Interior
Heating Forced Air
Fireplace No
Exterior
Exterior Feature Brick
Building
Story 1 Story
Foundation Slab
Water Public Water
Structure Type Brick
Schools
School District River Rouge School District
Others
Ownership Private
Energy Description Natural Gas
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by RE/MAX Team 2000
Nearby Locations
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