For Sale
516 NEFF Lane Lane, Grosse Pointe, MI 48230
$3,995,000
MLS # 20261004006 (Realcomp)
Built 19720.97 acres
1 / 35
Listing Description
Exceptional opportunity to acquire a well-located 20-unit multifamily asset in the heart of Grosse Pointe, one of Metro Detroit’s most desirable and supply-constrained rental markets. This stabilized community offers immediate cash flow with significant upside through continued rent growth and value-add execution.The property features a strong unit mix with spacious floor plans, well-maintained interiors, and a history of high occupancy. Current ownership has completed substantial capital improvements in recent years, including renovations to a portion of the units, allowing a new owner to continue implementing a proven renovation and rent-increase strategy.Situated in a premier residential setting near the waterfront, top-rated schools, retail, dining, and major employment corridors, the property benefits from consistent tenant demand and long-term market stability. Grosse Pointe’s limited multifamily inventory and strong demographic profile create a compelling environment for sustained rental growth and asset appreciation.With in-place income, professional management history, and clear value-add potential, this offering is ideal for investors seeking a stabilized asset with both immediate yield and long-term upside in a premier suburban market.
Source: SparkMLS
About this home
20-bath home in Grosse Pointe in Grosse Pointe built in 1972.
Listed at $3,995,000.
Annual property taxes run approximately $44,052 ($3,671/month). Tax figure is from the MLS listing record; verify with the county treasurer for the most current amount.
Fiber internet is available at this address with download speeds up to 5,000 Mbps across 9 providers. Electric service is provided by DTE Electric Company; natural gas by DTE Gas Company.
Listing Property Details
Property TypeMulti Family
Bathrooms20
Lot Size0.97 acres
Year Built1972
Location
CityGrosse Pointe
MunicipalityGrosse Pointe City
Zip Code48230
CountyWayne
School DistrictGrosse Pointe
Construction & Systems
ConstructionBrick
HeatingForced Air
WaterPublic
Sale & Financing
Listed1/19/2026
Terms AcceptedCash, Conventional
Source: SparkMLS
Tax Information
Annual Tax$44,052
Parcel #37004990009000
Source: SparkMLS
Legal Description
CYL1 THAT PART OF PRIVATE CLAIM 239 DESCRIBED AS BEGINNING AT A POINT ON THE SLY LINE OF ST PAUL AVE DISTANT ELY 178.80 FT FROM THE ELY LINE OF ST CLAIR AVE AND PROCEEDING TH SLY ON A LINE PARALLEL TO THE ELY LINE OF ST CLAIR AVE 437.89 FT TH ELY PAR ALLEL TO THE NLY LINE OF MAUMEE AVE 114.20 FT TH NLY ON A LINE PARALLEL TO THE ELY LINE OF ST CLAIR AVE 436.72 FT TO THE SLY LINE OF ST PAUL AVE TH W
Property Records
FEMA Flood Zone: Zone X — Minimal flood risk
Source: FEMA NFHLUSDA Rural Development: Not Eligible
Verify eligibility at USDAListed by Mackenzie Laforest
Pinnacle Plus Realty LLC
Frequently Asked Questions about 516 NEFF Lane Lane, Grosse Pointe, MI 48230
What school district is 516 NEFF Lane Lane, Grosse Pointe, MI 48230 in?
Per MLS# 20261004006, this property is served by Grosse Pointe. In Michigan, school district boundaries are set by the state and do not always follow city limits.
Can I use FHA or VA financing for this property?
Per MLS# 20261004006, the seller has indicated this property accepts the following financing types: Cash, Conventional. Financing acceptance is subject to change — confirm with the listing agent.
How much are property taxes for this home?
Per MLS# 20261004006, the most recent reported annual property tax for 516 NEFF Lane Lane, Grosse Pointe, MI 48230 is $44,052. 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.
Is 516 NEFF Lane Lane, Grosse Pointe, MI 48230 eligible for USDA financing?
Per USDA Rural Development boundary data, 516 NEFF Lane Lane, Grosse Pointe, MI 48230 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.
What is the FEMA flood zone designation for this property?
Per FEMA's National Flood Hazard Layer, 516 NEFF Lane Lane, Grosse Pointe, MI 48230 is in flood zone X (minimal risk). Flood insurance is not typically required in this zone but may still be advisable. FEMA flood maps are updated periodically — verify the current designation at msc.fema.gov.
Is fiber internet available at 516 NEFF Lane Lane, Grosse Pointe, MI 48230?
Per FCC broadband data, this property has access to fiber internet service. The maximum advertised download speed is 5.0 Gbps. 9 internet providers serve this address. Confirm availability and speeds directly with providers.
Who are the utility providers for this property?
Per Michigan Public Service Commission service territory data: Electric: DTE Electric Company. Gas: DTE Gas Company. Water: Public. Confirm service details directly with providers.
How safe is this area?
Per our practice, crime and safety data should be obtained directly from the authoritative source. Wayne County law enforcement agencies participate in CLEMIS (Courts and Law Enforcement Management Information System) for public safety records.
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Mortgage Calculator
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Monthly payment$25,911
Principal & interest$25,911
Estimate only. Does not include PMI or other fees. Consult a lender for exact rates.
Internet
FiberDownload
5 Gbps
Upload
5 Gbps
FiberCableLicensed Fixed WirelessGSO SatelliteSatelliteDSL
9 providers at this address
FCC Broadband Data Collection (Dec 2025). Max advertised speeds.
Utilities
DTE Electric Company
Investor-Owned
DTE Gas Company
Investor-Owned
MI Public Service Commission service territory boundaries.
Property
516 NEFF Lane Lane, Grosse Pointe, MI 48230
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Municipality
Grosse Pointe
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County
Wayne County
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