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Coldwell Banker Town & Country Real Estate

karengillrealestate@gmail.com +1(810) 397-4451

$465,000

Est. payment - /mo

5 Baths

2,214 SqFt

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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

HEART OF EAST DEARBORN MULTI-FAMILY INVESTMENT OPPORTUNITY PRIME APPOLINE MULTI-FAMILY OPPORTUNITY LOCATED IN THE HEART OF EAST DEARBORN, OFFERING TWO WELL-LOCATED OCCUPIED PROPERTIES WITH STRONG TENANCY, RECENT CAPITAL IMPROVEMENTS, AND MEANINGFUL RENT UPSIDE. THE OFFERING INCLUDES 6022-6028 APPOLINE, A FULLY OCCUPIED 4-UNIT PROPERTY WITH ALL 1-BEDROOM / 1-BATH UNITS, CURRENTLY PRODUCING $3,515/MONTH GROSS INCOME. THE PROPERTY HAS LONG-TERM TENANTS IN PLACE, ZERO MOVE-OUTS SINCE 2023, AND SEVERAL RECENT IMPROVEMENTS INCLUDING HVAC REPLACEMENT WORK, MAJOR PLUMBING UPGRADES, FRONT PORCH MASONRY, EXTERIOR C OF O REPAIRS, AND APPLIANCES REPLACED ON TURNOVER. THREE OF THE FOUR UNITS ARE CONVENTIONAL MONTH-TO-MONTH AND MAY BE DELIVERABLE TO AN OWNER-OCCUPANT, MAKING THIS AN EXCELLENT OPPORTUNITY FOR AN FHA BUYER, HOUSE-HACKER, OR INVESTOR SEEKING STABLE INCOME WITH UPSIDE. UNIT 6028 #4 IS A SECTION 8 VOUCHER TENANCY, WITH APPROXIMATELY $595 OF THE $875 RENT PAID DIRECTLY BY THE HOUSING AUTHORITY SINCE 2019. 6037 APPOLINE, A 5-UNIT MULTI-FAMILY PROPERTY WITH ALL 1-BEDROOM / 1-BATH UNITS. ONCE UNIT 4 IS LEASED AT THE CURRENT ASKING RANGE OF $925-$950/MONTH, THE STABILIZED GROSS INCOME IS PROJECTED AT APPROXIMATELY $4,485/MONTH, OR ROUGHLY $53,800 ANNUALLY. CURRENT IN-PLACE GROSS INCOME IS $3,550/MONTH WITH FOUR OF FIVE UNITS OCCUPIED. THE PROPERTY FEATURES STRONG TENANCY, COMMITTED LEASES THROUGH 2026 AND 2027, ON-SITE LAUNDRY, AND RECENT IMPROVEMENTS INCLUDING BOILER/MECHANICAL WORK BY DETROIT FURNACE, UNIT RENOVATIONS, FLOORING UPDATES, EMERGENCY AND EXIT LIGHTING FOR C OF O, AND APPLIANCES REPLACED ON TURNOVER.
BOTH PROPERTIES OFFER A RARE OPPORTUNITY TO ACQUIRE INCOME-PRODUCING MULTI-FAMILY ASSETS IN ONE OF EAST DEARBORN'S MOST ACTIVE RENTAL MARKETS, WITH STABLE IN-PLACE INCOME AND ROOM TO INCREASE RENTS OVER TIME. FINANCIALS AND ADDITIONAL PROPERTY DETAILS AVAILABLE UPON REQUEST.

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

Nearby School & Business

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Coldwell Banker Town & Country Real Estate

+1(810) 397-4451

Broker | License ID: 308761

Broker License ID: 308761

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6037 Appoline ST Dearborn, MI 48126

Coldwell Banker Town & Country Real Estate

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

Nearby School & Business

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