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Off Market

4531 Horatio St

Detroit MI 48210

4
3696 sq. ft.
0.07 ac.
Multi-Family
Last sold for $250,000
Erick HowardErick Howard, last sold this property on 25 August 2023 after 56 days on market.

Overview

Introducing 4531 Horatio, Detroit, a 4 Unit prime investment opportunity with an attractive cap rate! Priced at $250, 000, this well-appointed apartment building features four units, each boasting two bedrooms. With a rental rate of $1, 000 per unit, it promises excellent returns for savvy investors. Located amongst newly built single family homes, this property offers convenience and accessibility to I_94, dining, entertainment, and public transportation. The units are approx. 800 sq ft each w/ updated bathrooms and modern features, such as new furnaces, hot water tanks, electrical systems, and plumbing. The recent installation of new vinyl windows enhances both energy efficiency and the building's overall appeal. The property also provides exterior security lighting. Now, let's talk about the numbers. With a purchase price of $250, 000 and a rental rate of $1, 000 per unit, the cap rate for this investment opportunity is highly favorable, offering a strong return on investment. All 4 furnaces are operational. 1 is new installed w/permit. All 4 water heaters are be working. 2 are new gas heaters, while the older ones are electric. The setup allows for either gas or electric water heaters, with each unit having its own heater. The electrical panels, including 5 in total (1 for each unit and 1 for the house), are labeled with meters. The landlord covers water expenses. New PEX piping has been installed, and the basement is equipped for a washer/dryer. The required number of connected CO Detectors and Smoke detectors are installed, triggering all if one goes off in a bedroom in Apt 2. New LED lights, exit signs, and hallway lights have been installed. Approximately 8 windows were replaced, sourced from Home Depot, to address breakages and faulty installations. Glass block basement windows were installed last year. Water payments are up to date. A LBP Assessment has not been conducted The city is expected to replace the lead water line up to the water meter in the basement at no cost.

Features

4 bathrooms
3696 sq. ft. floor area
0.07 ac. lot size
Multi-Family

Estimated Value

Based on this property and similar multi families sold in Detroit over the last 12 months, the estimated median property value of 4531 Horatio St is $121k.

Median value
$121k
Estimated value range
$30k - $380k
Median days on market
38
Estimated value trend
-1%
decrease over the last 12 months
Average days on market is based on recent, comparable sales in Detroit. It is only an indication of the time a property is actively listed and should not be relied upon as an accurate representation of how soon a property will be sold.

Property history for 4531 Horatio St

2023
Sold
$250,000
25 Aug 2023 by Erick Howard
2020
Sold
$118,000
07 Dec 2020 by Dominic Dipiazza, of General Home Realty Corp
2017
Sold
$61,000
11 May 2017 by Chris Murphy, of RE/MAX Leading Edge

Happy sellers in Detroit

~%

We have insufficient information to provide an overview of customer satisfaction for Detroit. Viewing the agent profiles, reviews and sales for Detroit can provide insights for this location.

Local market activity for multi families in Detroit

In the last 12 months, 24 multi families similar to 4531 Horatio St, have been sold.

This represents a 71% decrease in multi families sales when compared to the previous 12 months.

Nearby agents

Compare and contact these top performing agents who’ve delivered exception customer service for their clients in Detroit

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Terry Randall

Terry Randall is a recommended agent for Detroit.  They have collected 2 local reviews across the last 12 months.

  •   5   (50 reviews)
  •  2 Reviews in Detroit
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MARK LIZYNESS

Sellers who recommend MARK LIZYNESS have praised them for being local expert, responsive, clear communication, honest, friendly, great negotiation, and pleasant

  •   5   (55 reviews)
  •  1 Review in Detroit
  •  1 Sale in Detroit
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Shannon Bagdonas

Shannon Bagdonas is a recommended agent for Detroit.  They have 7 local sales across the last 12 months.

  •   5   (15 reviews)
  •  7 Sales in Detroit
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Caroline Nelson

Caroline Nelson is a recommended agent for Detroit.  They have 2 local sales across the last 12 months.

  •   5   (2 reviews)
  •  2 Sales in Detroit
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