23740 Fenkell St Detroit, MI 48223
Well-maintained, 138-unit apartment community with strong cash flow.
Lot size:
2.34 AcresProperty Features for 23740 Fenkell St
General Information
- Standard status
- Active
- Lot size
- 2.34 Acres
- Interior features
- Natural Gas, Separate Meters, Steam
Building Details
- Year built
- 1967
Source:
Kw
Listing Agency: KW Central Listing Agent: Justin Zehel
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
Overview
Detroit Apartment Community For Sale
This well-maintained apartment community features 138 units within three brick buildings. Located in a desirable area of Detroit, just off Telegraph Road on Fenkell Road, the property is currently 98% occupied, providing strong in-place cash flow. The property operates at a 10% cap rate, with potential for increased revenue through rent adjustments. The seller has completed numerous upgrades and remodeling projects in recent years. The gated community includes laundry facilities in each building. Hallways and a majority of the units have been updated, enhancing tenant appeal and reducing turnover costs. Major systems are well-maintained, including boilers in excellent condition and a new flat roof. The property has a Certificate of Compliance valid through 2027. With no immediate capital expenditures required, this turnkey investment is suitable for both new and experienced multifamily investors looking to expand their portfolio. The City of Detroit has accepted a Pilot Program for this property.
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.2738937
- Latitude
- 42.4008022
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Well-maintained, 138-unit apartment community with strong cash flow.
Where is this apartment building located?
The property is located at 23740 Fenkell St Detroit, MI.
What is the asking price?
The asking price for this property is $6,750,000.
What are key features of this property?
This property features: - Stabilized 138-unit apartment community with **98% occupancy, providing strong in-place cash flow.**; - Attractive **10% cap rate** with potential for increased revenue through modest rent increases.; - **Turnkey investment** with no immediate capital expenditures required, featuring a new flat roof and well-maintained boilers.
