21 Baths
7,400 SqFt
21 Baths
7,400 SqFt
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
Square Footage 7,400 sqft
Price per Sqft $554
Subdivision Brush Sub Of Pt Of Park Lts 17 Thru 21
MLS Listing ID 20261080518
Style Colonial,Other
Full Baths 21
Year Built 1930
Lot Size 6,969 Sqft
Acres 0.16
Property Sub-Type MultiFamily
Property Description
The property is currently 100% occupied, providing immediate and stabilized cash flow from day one. The unit mix includes 17 one-bedroom apartments and 4 studio units, offering efficient layouts well suited for the strong rental demand in the Midtown market.
Offered at $4.1 million, the property delivers an attractive 6.47% in-place capitalization rate. An additional advantage is the existing tax abatement, which has been confirmed to survive the transfer of ownership, helping preserve the property's favorable operating expenses and overall investment performance.
With a fully renovated condition, stabilized occupancy, strong in-place income, and a premier Midtown Detroit location near Wayne State University, 240 Mack Ave offers investors the opportunity to acquire a turnkey multifamily asset in one of Detroit's most desirable and established rental markets.
Location
State MI
County Wayne
Area Area05043Detlivernoisi756Gdriver
Rooms
Basement Unfinished
Interior
Heating Forced Air, Natural Gas, Separate Meters
Cooling Chiller Cooling System
Fireplace No
Exterior
Pool None
View Y/N No
Garage false
Building
Foundation Basement, Block
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Detroit
Others
Senior Community false
Acceptable Financing Cash, Conventional, WarrantyDeed
Listing Terms Cash, Conventional, WarrantyDeed
Special Listing Condition CorporateRelocation, ShortSaleNo
Pets Allowed Call
