18501-18515 Hoover St, Detroit, MI 48205
- $480,000
- 12
- BA
- 4,560
- SqFt
- Sold Price
- $480,000
- List Price
- $479,900
- Closing Date
- Mar 08, 2024
- MLS#
- 20230074537
- Status
- CLOSED
- Bathrooms
- 12
- Subdivision
- SHADY LAWN SUB NO 1
Property Description
THIS FANTASTIC OPPORTUNITY WILL NOT LAST, FOLKS!! A TRUE 10.5 CAP RATE WITH POTENTIAL PROJECTED 16.7 WITH RENTAL INCREASE THIS YEAR!!! THIS SUPER GARDEN/LOW RISE APARTMENT COMPLEX HAS 12 RANCH STYLE UNITS WITH PRIVATE ENTRY. TENANTS PAY ALL UTILITIES EXC WATER/SEWER, SNOW/LAWN AND GARBAGE. 6 UNITS HAVE SEPARATE BD/500 SQ FT AND 6 LARGE EFFICIENCIES.FURTHER, THERE IS A LARGE PARKING LOT AND SEPARATE METERS/ BLDGS HAVE CONDO STYLE AND POTENTIAL IMMEDIATE INCOME WITH A CONDO CONVERSION ( CONDOS SELLING AT APROX 64K PER UNIT!) WARREN CITY BORDER PROPERTY HERE! BEAUTIFUL AND DESIRABLE!! OCCUPANCY AT 95% CURRENTY AND AVG 100% WITH MANY LONG TERM TENANTS! FUSSY OWNER HAS A VERY LONG WAITING LIST! THIS IS A BANK FORECLOSURE, OTHERWISE WOULD NEVER CONSIDER THE SALE OF THIS MONEY MAKING COMPLEX SO HURRY WE LOOK FORWARD AND STAND READY!!! PLEASE BE DISCREET-TENANTS ARE NOT AWARE OF SALE. FURTHER, WE OFFER ANOTHER 2 BLDGS AND ARE ABLE TO DO A PKG DEAL FOR YOU. PLEASE CALL FOR DETAILS!
Additional Information
- Year Built
- 1956
- Acres
- 0.30
- Style
- Ranch
- Acres
- 0.30
- School District
- Detroit
- Interior Features
- High Speed Internet
- Heating
- Baseboard, Electric, Natural Gas, Other
- Exterior Features
- Awning(s), Lighting, Permeable Paving, Private Entrance
- Garage Description
- Assigned, Lighted, Parking Lot, Other
Mortgage Calculator
Courtesy of First Michigan Realty Corp 5869451789
Selling Office: First Michigan Realty Corp.
IDX provided courtesy of Realcomp II Ltd., via Real Estate Company and . Copyright 2026 Realcomp II Ltd. Shareholders. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing and that the data is deemed reliable but not guaranteed accurate by the MLS.