Detroit Apartment Community For
23740 Fenkell Street, Detroit, MI 48223
Well-maintained, 138-unit apartment community with strong cash flow.
Type:Multi-Family
Lot size:
2.34 Acres- Added:
- Mar 10, 2026
- Days on Market:
- 74
- Last Refresh:
- Apr 5 at 11:48 pm
Property Features for 23740 Fenkell Street
General Information
- Standard status
- Active
- Lot size
- 2.34 Acres
- Property subtype
- Multi-Family
Building Details
- Year Built
- 1967
Listing agent Justin Zehel License #MI (586) 979-3398
Listing office KW Central (586) 979-3398
Listing date Mar 10, 2026
Source Kw
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All listing content including descriptions, pricing, images are the copyrighted material of KW Central
HighLights
- 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.
- Located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road.
- Gated community with laundry facilities in each building and updated hallways and units.
- Pilot Program accepted through the City of Detroit and Certificate of Compliance good through 2027.
Overview
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.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.2739
- Latitude
- 42.4008
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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 Street 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.
