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$ 650,000
Est. payment /mo
Active
3931-51 MCGRAW Street Detroit, MI 48208
27 Baths
0.38 Acres Lot
UPDATED:
01/09/2025 04:47 PM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20240020791
Originating Board Realcomp
Year Built 1920
Annual Tax Amount $7,271
Lot Size 0.380 Acres
Acres 0.38
Lot Dimensions 160.00X103.00
Property Description
AMAZING REDEVELOPMENT OPPORTUNITY ON THIS 27 UNIT BUILDING IN THE GRAND BLVD/ MCGRAW CORRIDOR. WEST OF WAYNE STATE, WOODBRIDGE, NW GOLDBERG AND SOUTH OF CORKTOWN. MANY DEVELOPMENTS PLANNED IN THE AREA. THE BUILDING NEEDS A FULL REHAB. GREAT UNIT MIX AND GENEROUS APARTMENTS SIZES. ADDITIONAL SPACE IN THE LOWER LEVEL TO ADD UNITS. SELLER HAS PLANS FOR AN ADDITIONAL NEW 38 UNIT BUILDING AND SEVERAL TRI PLEXES NEXT DOOR.Expenses estimated at 6% mgmt fee = $19,872. Taxes $20,000. Insurance $15,000. Rehab estimated at $1 Million. Total $1,675 Million (16.7 Cap)
Location
State MI
County Wayne
Area Wayne County - 100
Zoning Multi-Family
Direction EAST OFF GRAND BLVD
Interior
Heating Baseboard
Exterior
View Y/N No
Building
Water Public
Structure Type Brick
Schools
School District Detroit
Others
Tax ID W14I008027S001
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Re/Max Connection