11
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$4,100,000
Est. payment /mo
21 Baths
7,400 SqFt
Active
240 Mack Avenue Detroit, MI 48201 2418
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Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 7,400 sqft
Price per Sqft $554
Subdivision Mi
MLS Listing ID 61036146
Full Baths 21
Year Built 1930
Annual Tax Amount $41,995
Lot Size 6,969 Sqft
Acres 0.16
Lot Dimensions 50X140
Property Sub-Type Multi-Family
Property Description
240 Mack Ave presents a rare opportunity to acquire a fully renovated, 21-unit multifamily asset in the heart of Midtown Detroit, just steps from Wayne State University and surrounded by some of the city's strongest employment, educational, medical, and entertainment anchors. The property is currently 100% occupied, providing immediate and stabilized cash flow from day one. The unit mix includes 17 one-bedroom apartments and 4 studio units, offering efficient layouts well suited for the strong rental demand in the Midtown market. Offered at $4.1 million, the property delivers an attractive 6.47% in-place capitalization rate. An additional advantage is the existing tax abatement, which has been confirmed to survive the transfer of ownership, helping preserve the property's favorable operating expenses and overall investment performance. With a fully renovated condition, stabilized occupancy, strong in-place income, and a premier Midtown Detroit location near Wayne State University, 240 Mack Ave offers investors the opportunity to acquire a turnkey multifamily asset in one of Detroit's most desirable and established rental markets.
Location
State MI
County Wayne
Area Detroit (82001)
Zoning Multi-Family
Rooms
Basement Block
Interior
Heating Forced Air
Fireplace No
Exterior
Exterior Feature Brick, Vinyl Siding
Building
Foundation Basement
Water Public Water
Structure Type Brick,Vinyl Siding
Schools
School District Detroit City School District
Others
Ownership Corporation
Energy Description Natural Gas
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Tarar Homes
Nearby Locations
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