7403 Midland Street, Detroit, MI 48238

Listing Description

Land Contract terms now available! Remarkable 8-Unit Investment Opportunity in the Fitzgerald/Marygrove Neighborhood!Discover this rare multi-family property just steps from the University of Detroit Mercy and less than a mile from the Avenue of Fashion. Each of the eight units features two bedrooms and one bathroom, providing strong rental potential in one of Detroit’s most sought-after and revitalizing areas. The building features a newer roof, new electrical and plumbing systems, some recessed lighting already installed, as well as common area fixtures, newer bathrooms in most of the units, and kitchen renovations already started with new flooring—so much of the heavy lifting has already been completed. Each unit is separately metered for gas and electricity, allowing residents to pay their own utilities. To complete the project, only HVAC systems, hot water tanks, and cosmetic finishes remain. Once completed, this property is projected to generate an estimated 20%+ cap rate(at $1200/month rents), making it an outstanding income-producing investment.Located near Marygrove Conservancy, Ella Fitzgerald Park, and the Livernois-McNichols corridor, the neighborhood continues to benefit from major reinvestment through new streetscapes, parks, and local business development. Residents enjoy easy access to major freeways, shopping, dining, nightlife, and entertainment, with quick commutes to Downtown Detroit, Midtown, and nearby employment centers. All measurements and data are estimated.

Source: SparkMLS

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