SoldAug 25, 2023

Listed by Erick Howard

Bought with Dwayne Toland, Jr.

Source: eXp Realty #145798664

4531 Horatio St, Detroit, MI, 48210

$250,000

4
3696 sq. ft.
0.07 ac.

MultiFam

30+ days on the market

Sold: Aug 25, 2023

What's around 4531 Horatio St

About this property

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.

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Seller's review

almost 6 years ago

I had the pleasure to work with Mr

I had the pleasure to work with Mr. Howard during this first time homebuyers experience. It was tough at times but he made the experience worthwhile, now I’m in my forever home. Mr Howard worked with me day in and day out. No matter the day or time he was always available to answer. He’s very knowledgeable about homeownership and the works it takes for you to become a homeowner. I will definitely recommend him ten toes down for you too to find your forever home...... I want to again thank you Mr. Howard we did it

N
Nerissa Diggs
Seller

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