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$ 465,000
Est. payment /mo
New
6037 Appoline ST Dearborn, MI 48126
5 Baths
2,214 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Sale
Square Footage 2,214 sqft
Price per Sqft $210
Subdivision Robert Oakmans Oakman Blvd & Miller Ave
MLS Listing ID 20261045677
Style Colonial
Full Baths 5
Year Built 1930
Lot Size 4,356 Sqft
Acres 0.1
Property Sub-Type MultiFamily
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, INCLUDING MAJOR BOILER AND MECHANICAL WORK COMPLETED BY DETROIT FURNACE IN DECEMBER 2021, 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.?
THE PROPERTY HAS BENEFITED FROM SEVERAL IMPORTANT IMPROVEMENTS, INCLUDING MAJOR BOILER AND MECHANICAL WORK COMPLETED BY DETROIT FURNACE IN DECEMBER 2021, 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 Area05093Dearborn
Rooms
Basement Unfinished
Interior
Heating Baseboard, Natural Gas
Fireplace No
Exterior
Pool None
View Y/N No
Garage false
Building
Foundation Basement, Block
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Dearborn
Others
Senior Community false
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition ShortSaleNo, Standard
Pets Allowed Cats Ok
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Listed by Ali T Charara of Century 21 Curran & Oberski