45
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$700,000
Est. payment /mo
5,364 SqFt
New
18037 Pelkey Street Detroit, MI 48205
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 5,364 sqft
Price per Sqft $130
MLS Listing ID 20251008703
Year Built 1929
Annual Tax Amount $22,438
Lot Size 5,227 Sqft
Acres 0.12
Lot Dimensions 40 x 126
Source Realcomp
Property Description
LOCATED 8 MINUTES FROM THE INFAMOUS EAST ENGLISH VILLAGE DISTRICT, YOU WILL FIND 18037 PELKEY NESTLED ON A 5,364 SQUARE FOOT LOT IN A QUIET NEIGHBORHOOD OF HOMEOWNERS. THIS CROWN JEWEL BOASTS A BRAND NEW ROOF TO ENSURE REPEAT DIVIDENDS FOR MANY YEARS TO COME. YOUR APARTMENT COMPLEX CONSISTS OF 10 RECENTLY REMODELED 1 BED ROOM UNITS. EACH UNIT HAS BEEN UPGRADED AND HAS ENTIRELY BRAND NEW ELECTRICAL AND PLUMBING TO INSURE MAINTENANCE FREE CASH FLOW. FURTHERMORE THE ENTIRE COMPLEX HAS NEW ELECTRICAL AND PLUMBING FROM TOP TO BOTTOM. EACH SPACIOUS UNIT HAS FRESHLY ROLLED PAINT AND BRAND NEW CARPET WITH TOP OF THE LINE UNDERLAYMENT. 10 OF THE 10 UNITS ARE LEASED TO SECTION 8 TENANTS AND THE MONTHLY DIVIDENDS ARE JUST UNDER $10,000 PER MONTH. THE TENANTS PAY ALL UTILITIES, WHICH ALLOWS THIS COMPLEX TO MAINTAIN A NEAR 20% CASH ON CASH RETURN. PROPERTY TAXES HAVE BEEN REDUCED TO ROUGHLY $100 PER MONTH. THIS DIAMOND WILL BE WRAPPED AROUND A LUCKY OWNER'S FINGER SOON! NO SHOWINGS WITHOUT ACCEPTED FULL LIST OFFER.
Location
State MI
County Wayne
Area Wayne County - 100
Zoning Multi-Family
Direction S on Gratiot Ave, W on 7 Mile Rd, S on Pelkey St, Building is on the Right
Rooms
Basement Basement
Interior
Heating Baseboard, Hot Water
Exterior
View Y/N No
Roof Type Other
Building
Foundation Brick/Mortar
Sewer Public
Water Public
Structure Type Brick
Schools
School District Detroit
Others
Tax ID 21030190
Listed by Brookstone, Realtors LLC