Detroit, MI 48206 1002,3224 MONTEREY Street
Detroit, MI 48206 1002,3224 MONTEREY Street
Detroit, MI 48206 1002,3224 MONTEREY Street
36
$300,000
$329,900
9.1%
Est.Price: ?

For more information regarding the value of a property, please contact us for a free consultation.

8 BA
4,880 SqFt

3224 MONTEREY Street Detroit, MI 48206 1002

Est. payment /mo
SOLD DATE : 10/23/2024

Want to know what your home might be worth? Contact us for a FREE valuation!

Submit

Our team is ready to help you sell your home for the highest possible price ASAP

Key Details

Sold Price $300,000

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Sold

Purchase Type For Sale

Square Footage 4,880 sqft

Price per Sqft $61

Subdivision Mi

MLS Listing ID 60323176

Sold Date 10/23/24

Style 2 Story

Full Baths 4

Half Baths 4

Year Built 1924

Annual Tax Amount $7,309

Lot Size 6,534 Sqft

Acres 0.15

Lot Dimensions 53.00 x 121.00

Property Description

Unparalleled investment opportunity: Fully Renovated 4-Family House with New Furnaces, hot water heaters, and Separate Utilities in the Dexter Linwood area of Detroit. Welcome to this prime investment property in the sought-after Dexter Linwood neighborhood! This meticulously renovated 4-family house offers a lucrative opportunity for investors seeking a turnkey rental income. Key Features: • Furnaces: Each unit is equipped with its own furnace, so tenants can control their comfort. • Separate Utilities: Individual meters for electricity, gas, and water provide tenants with the convenience of managing their own utilities, enhancing rental desirability and ease of management. • Separate Basement Areas with Laundry Space • Renovated Interiors: Modern upgrades throughout, including updated kitchens, bathrooms, and flooring, attract quality tenants and maximize rental income potential. • Spacious Layouts: Generously sized units with multiple bedrooms and living spaces offer flexibility and appeal to a variety of renters. Additional Benefits: • Low Maintenance: Recent renovations mean minimal upkeep costs for investors, allowing for higher profit margins. • Desirable Location: Located in a thriving neighborhood where the Joe Louis biking/walking trail is planned to wind through this charming neighborhood • The Neighborhood has many amenities: Schools, close to downtown and midtown, transportation options nearby, ensuring high tenant demand. Investment Potential: • Steady Rental Income: With four units generating income. Property provides stable cash flow opportunity. Estimated cash on cash return of 20% / year. • Rents are estimated to increase 5% per year. • Appreciation: Positioned in an area with increasing property values, estimated to be near 3% per year, offering potential for long-term appreciation. Property includes the lot along the driveway side. Don't miss out on this exceptional investment opportunity! Expanding your portfolio or starting anew, this property promises both immediate cash flow.

Location

State MI

County Wayne

Area Detroit (82001)

Zoning Multi-Family

Interior

Interior Features Cable/Internet Avail.

Heating Forced Air

Fireplace No

Exterior

Exterior Feature Brick

Waterfront No

Building

Story 2 Story

Foundation Basement

Water Public Water

Structure Type Brick

Schools

School District Detroit City School District

Others

Ownership Private

Energy Description Natural Gas

Acceptable Financing Conventional

Listing Terms Conventional

Financing Cash,Conventional,FHA,FHA 203K

Read Less


MI RealSource (Lenawee County/Saginaw Board/Southeastern Border/Greater Shiawassee)
Listed by National Realty Centers, Inc
Bought with LPS

GET MORE INFORMATION

Scott Clay

Broker/Owner | License ID: 6502432343

+1(989) 332-1712

Name
Phone*
Message

By registering you agree to our Terms of Service & Privacy Policy. Consent is not a condition of buying a property, goods, or services.