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$4,100,000
Est. payment /mo
21 Baths
6,969 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20261080518
Year Built 1930
Annual Tax Amount $41,995
Lot Size 6,969 Sqft
Acres 0.16
Lot Dimensions 50X140
Source Realcomp
Property Description
240 Mack Ave presents a rare opportunity to acquire a fully renovated, 21-unit multifamily asset in the heart of Midtown Detroit, just steps from Wayne State University and surrounded by some of the city's strongest employment, educational, medical, and entertainment anchors.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
Zoning Multi-Family
Direction Turn into street from John R or Brush St
Interior
Heating Forced Air
Exterior
View Y/N No
Building
Water Public
Structure Type Brick,Vinyl Siding
Schools
School District Detroit
Others
Tax ID W01I000880S
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition {"Other":true}
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Listed by Tarar Homes
NEARBY SCHOOLS & PROPERTIES
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