Detroit Apartment Community For
For Sale
Contact for pricing
Pending
23740 Fenkell Ave, Detroit, MI 48223
Well-maintained, 138-unit apartment community in Detroit with strong cash flow.
Property Size67,608 SF
Days on Market205
Property Features for 23740 Fenkell Ave
General Information
Standard status
Pending
Size
67,608 SF
Property subtype
Multifamily
Occupancy
98%
Building Details
Year Built
1967
Units
138
Listing Agency:
Keller Williams Eagle Realty
Listed By:
Justin Zehel · License #3598465
Source:
Crexi
Added: Jan 29
Changed: Aug 21
Last Checked: Aug 21 at 7:45PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Keller Williams Eagle Realty
Investment Insights
Based on property information with market context.
This well-maintained apartment community is located in a desirable area of Detroit, just off Telegraph Road on Fenkell Road. The property consists of three buildings with a total of 138 units. Currently 98% occupied, the property offers strong in-place cash flow. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated. Major systems have been well cared for, including boilers in excellent condition and a new flat roof. The property operates at a 10% cap rate with additional upside through modest rent increases. This is a turnkey investment with no immediate capital expenditures required, ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. The property size is 67608 square feet.
Key Highlights
- Strong In‑Place Cash Flow: 98% occupied and operates at a 10% cap rate.
- Value‑Add Opportunity: Potential for increased revenue through modest rent increases.
- Turnkey Investment: Well‑maintained major systems (boilers, new flat roof) require no immediate capital expenditures.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
265
Businesses Nearby
Explore this area
Business Placement
Demographics for 48223, MI
22,956
Population
11,264
Households
2
Avg Household Size
36
Median Age
19%
College-Educated
91%
High-School Grad
6.1 sq mi
ZIP Area
3,763
Density / Sq Mi
$42,324
Median Household Income
$30,119
Median Earnings
$1,013
Median Rent
$87,700
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained, 138-unit apartment community in Detroit with strong cash flow.
Where is this apartment building located?
The property is located at 23740 Fenkell Ave Detroit, MI.
What is the asking price?
The asking price for this property is $7,000,000.
What are key features of this property?
This property features: Strong In‑Place Cash Flow: 98% occupied and operates at a 10% cap rate.; Value‑Add Opportunity: Potential for increased revenue through modest rent increases.; Turnkey Investment: Well‑maintained major systems (boilers, new flat roof) require no immediate capital expenditures.
