20
See all 20 photos
$465,000
Est. payment /mo
5 Baths
2,214 SqFt
Active
6037 Appoline Street Dearborn, MI 48126
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Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,214 sqft
Price per Sqft $210
Subdivision Mi
MLS Listing ID 61003291
Style 2 Story
Full Baths 5
Year Built 1930
Annual Tax Amount $6,385
Lot Size 4,356 Sqft
Acres 0.1
Lot Dimensions 35X121
Property Sub-Type Multi-Family
Property Description
EXCELLENT 5-UNIT MULTIFAMILY INVESTMENT OPPORTUNITY LOCATED AT 6037 APPOLINE. THIS WELL-MAINTAINED BUILDING OFFERS A STRONG UNIT MIX, STABLE TENANCY, AND CLEAR UPSIDE THROUGH LEASING THE CURRENT VACANT UNIT. FOUR OF THE FIVE UNITS ARE OCCUPIED WITH CURRENT GROSS RENT OF $3,550 PER MONTH, AND THE LARGEST 1-BEDROOM UNIT, APPROXIMATELY 700 SF, IS CURRENTLY BEING MARKETED AT $925–$950 PER MONTH. THE PROPERTY HAS BENEFITED FROM SEVERAL IMPORTANT IMPROVEMENTS, HIGHLIGHTED BY A FULL BOILER REPLACEMENT COMPLETED IN 2021 WITH CITY CERTIFICATION. THIS IS ONE OF THE STRONGEST CAPITAL IMPROVEMENTS ON THE BUILDING. ADDITIONAL UPDATES INCLUDE UNIT RENOVATIONS, FLOORING UPDATES, BATHROOM AND KITCHEN IMPROVEMENTS, AND EMERGENCY/EXIT LIGHTING INSTALLED FOR THE CERTIFICATE OF OCCUPANCY. APPLIANCES HAVE ALSO BEEN REPLACED AS NEEDED ON TURNOVER. WITH TWO LEASES COMMITTED THROUGH 2026 AND 2027, LONG-TERM TENANTS IN PLACE, ON-SITE LAUNDRY, AND RENTAL UPSIDE WITH UNIT 4, THIS PROPERTY OFFERS BOTH IMMEDIATE CASH FLOW AND A VALUE-ADD OPPORTUNITY FOR AN INCOME-FOCUSED BUYER.
Location
State MI
County Wayne
Area Dearborn (82093)
Rooms
Basement Block
Interior
Heating Baseboard
Fireplace No
Exterior
Exterior Feature Brick
Building
Story 2 Story
Foundation Basement
Water Public Water
Structure Type Brick
Schools
School District Dearborn City School District
Others
Ownership Private
Energy Description Natural Gas
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Century 21 Curran & Oberski
Nearby Locations
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