For more information regarding the value of a property, please contact us for a free consultation.
3224 MONTEREY Street Detroit, MI 48206 1002
Want to know what your home might be worth? Contact us for a FREE valuation!
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
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Bought with LPS