For Sale
388 Lakewood Street, Detroit, MI 48215
$244,000
MLS # 20261030604 (Realcomp)
4 beds2 baths2,044 sqftBuilt 19240.14 acres
1 / 43
Listing Description
Welcome to this beautifully maintained 4-bedroom, 2-bath Dutch Colonial, offering over 2,000 square feet of finished living space. Built in 1924, this home blends timeless character with thoughtful modern updates. The inviting living room features hardwood-style flooring, crown molding, recessed lighting, and a cozy fireplace. The updated kitchen boasts newer cabinetry, stainless steel appliances, stone countertops, and abundant natural light. Upstairs, you’ll find spacious bedrooms with vaulted ceilings and updated baths with tile finishes and modern vanities.The finished basement extends your living space with recessed lighting, perfect for a family room, office, or recreation area. Outdoor living is just as enjoyable with a charming covered front porch and a large backyard, ideal for entertaining. This home also includes a 4-panel solar tree generating approximately 1,400 watts of energy.Situated just three blocks from the recently renovated Alfred Brush Ford Park and the Fox Creek Canals, this Detroit gem is also minutes from Windmill Point Lighthouse, Riverfront-Lakewood East Park, schools, shopping, and major roadways. Move-in ready and full of charm—schedule your showing today!
Source: SparkMLS
About this home
This 4-bedroom, 2-bath, 2,044 sq ft home built in 1924 sits in East Riverside in Detroit.
Currently offered at $244,000 (about $119/sq ft).
Property tax estimate: $2,407 per year ($201/month). Estimate is based on county assessor records and current millage rates; actual tax may vary with PRE status and recent assessment changes.
Electric service is provided by DTE Electric Company; natural gas by DTE Gas Company.
Listing Property Details
Property TypeResidential
Property SubtypeSingle Family Residence
Bedrooms4
Bathrooms2
Living Area2,044 sqft
Lot Size0.14 acres
Year Built1924
Stories2
Location
CityDetroit
Zip Code48215
CountyWayne
School DistrictDetroit
Construction & Systems
ConstructionBrick, Vinyl Siding
HeatingForced Air
WaterPublic
InteriorBasement Finished
Sale & Financing
Listed4/30/2026
Original Price$274,000
Terms AcceptedCash, Conventional, FHA, VA Loan
Source: SparkMLS
Tax Information
Annual Tax$1,193
Tax Year2025
State Equalized Value$37,500
Assessed Value$37,500
Homestead (PRE)100%
Parcel #21054422.
Source: Public Records
Legal Description
E LAKEWOOD 15 AND W 9 FT VAC ALLEY ADJ AVONDALE SUB L28 P59 PLATS, W C R 21/381 40 X 149.02
Property Records
FEMA Flood Zone: Zone AE — 100-year floodplain
Flood insurance required for federally backed mortgages
Source: FEMA NFHLUSDA Rural Development: Not Eligible
Verify eligibility at USDAListed by Erick Monzo
Keller Williams Realty-Great Lakes
Frequently Asked Questions about 388 Lakewood Street, Detroit, MI 48215
Which school district serves 388 Lakewood Street, Detroit, MI 48215?
Per MLS# 20261030604, 388 Lakewood Street, Detroit, MI 48215 is in the Detroit boundaries. School district assignments are determined by property location and may differ from the mailing city. Contact Detroit directly to confirm enrollment eligibility.
What financing options are available for 388 Lakewood Street, Detroit, MI 48215?
Per MLS# 20261030604, this listing accepts Cash, Conventional, FHA, VA Loan financing. FHA financing can offer lower down payment requirements for qualified buyers. Financing acceptance is subject to change — confirm with the listing agent.
What are the property taxes at 388 Lakewood Street, Detroit, MI 48215?
Per public tax records, annual property taxes for this property are $2,093. Michigan property taxes are based on a property's taxable value multiplied by the local millage rate. Primary residences qualify for a homestead exemption that lowers the rate.
Can I use a USDA Rural Development loan for this property?
Per USDA Rural Development boundary data, 388 Lakewood Street, Detroit, MI 48215 is not in an eligible area. USDA eligibility is based on property location — properties within designated urban zones are excluded. Other low-down-payment options (FHA, VA) may still be available.
Is 388 Lakewood Street, Detroit, MI 48215 in a flood zone?
Per FEMA flood maps, this property is designated as Zone AE, a high-risk flood area. Flood insurance is required for federally-backed mortgages in this zone. FEMA flood maps are updated periodically — verify the current designation at msc.fema.gov.
What utilities serve 388 Lakewood Street, Detroit, MI 48215?
Per Michigan Public Service Commission service territory data: Electric: DTE Electric Company. Gas: DTE Gas Company. Water: Public. Confirm service details directly with providers.
What is the crime rate in this area?
For crime and public safety data, we recommend inquiring directly with the source. Wayne County is served by CLEMIS (Courts and Law Enforcement Management Information System), which provides public safety data for Southeast Michigan law enforcement agencies.
Map
Tax Estimate
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Annual tax$2,407
Monthly$201
Millage rate64.1844 mills
Municipality: Detroit
School district: DETROIT CITY SCHOOL DISTRICT
County: Wayne
Estimate based on SEV for a new buyer (taxable value resets to SEV on transfer). Actual taxes may vary. MI Treasury PT Estimator
Mortgage Calculator
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%
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Monthly payment$1,783
Principal & interest$1,583
Property taxes$201
Estimate only. Does not include PMI or other fees. Consult a lender for exact rates.
Utilities
DTE Electric Company
Investor-Owned
DTE Gas Company
Investor-Owned
MI Public Service Commission service territory boundaries.
Property
388 Lakewood Street, Detroit, MI 48215
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Neighborhood
East Riverside
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Community
Detroit
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County
Wayne County
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