1565 Grand Boulevard West

Detroit MI 48208

3640 sq. ft.

0.12 ac.

Multi-Family

Currently for sale - view listing

Overview

Solid brick quadplex producing income on West Grand Boulevard. Four 2-bedroom, 1-bath units over a full basement. Three units are leased with tenants in place and the fourth is vacant, so a new owner sets that rent at today's market - the clearest upside in the building. Rents today total $2,050/mo. With all four units at the projected market rent of $850/unit ($3,400/mo), the projected cap rate is approx 7.2% (est. after actual taxes of $6,283/yr, 10% vacancy, 10% management, insurance and reserves; buyer to verify). Mechanicals have been updated: newer furnaces, updated electrical boxes and PEX plumbing throughout. Photos are recent and reflect current condition. A complete investment analysis is attached to the listing documents alongside the disclosures - rent, actual taxes, insurance, management and net income on one page - so this property can be evaluated properly before writing. Tenant parking on the street in front or behind the building. Shown upon accepted offer only; please do not disturb tenants. Leases and ledgers provided during the inspection period. Cash, Conventional, FHA or VA only - no alternative financing.

Features

4 bathrooms

3640 sq. ft. floor area

0.12 ac. lot size

Multi-Family

Property history for 1565 Grand Boulevard West

2023

Sold

$350,000

11 Jan 2023 by Jay Taylor, of Good Company

2021

Sold

$270,000

07 Jul 2021 by Heather Dell, of Good Company

2019

Sold

$20,000

22 Feb 2019 by Albert Hakim, of City Management Group

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