Detroit Multifamily Investment Opportunity

23740 Fenkell St, Detroit, MI 48223

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For Sale

$6,750,000

Well-maintained, 138-unit apartment community with strong cash flow.

Type:Investment

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.
Located in a highly desirable area of Detroit, off Telegraph Road on Fenkell Road.
Turnkey investment with no immediate capital expenditures required due to recent upgrades and remodeling.
Major systems well‑maintained, including boilers in excellent condition and a brand‑new flat roof.
Gated community with laundry facilities in each building and updated hallways/units, enhancing tenant appeal.

We can help!

Listing Contact

Justin Zehel

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For Sale

$6,750,000

Well-maintained, 138-unit apartment community with strong cash flow.

Type:Investment

Added:: Apr 24, 2026
Days on Market:: 54
Last Refresh:: Apr 24 at 3:34 pm

Property Features for 23740 Fenkell St

General Information

Standard status: Active
Property subtype: Investment

Building Details

Year Built: 1967

We can help!

Listing Contact

Justin Zehel

Listing agent Justin Zehel License #3598465

Listing office Eagle Realty LLC d/b/a Keller Williams Eagle Realty

Listing date Apr 24, 2026

Source Elliman

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 Eagle Realty LLC d/b/a Keller Williams Eagle Realty

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.
Located in a highly desirable area of Detroit, off Telegraph Road on Fenkell Road.
Turnkey investment with no immediate capital expenditures required due to recent upgrades and remodeling.
Major systems well‑maintained, including boilers in excellent condition and a brand‑new flat roof.
Gated community with laundry facilities in each building and updated hallways/units, enhancing tenant appeal.

Overview

This well-maintained, 138-unit brick apartment community is located in a desirable area of Detroit, just off Telegraph Road on Fenkell Road. The stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at a 10% cap rate, with potential upside through rent increases. Numerous upgrades and remodeling have been completed in the past couple of years. 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. With no immediate capital expenditures required, this is a turnkey investment. The property has a Certificate of Compliance. The location has a bike score of 37, indicating it is somewhat bikeable, a walk score of 25, indicating car dependence, and a transit score of 32, indicating some transit options.

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Local Demand

City: Detroit
County: Wayne
State: Michigan
Longitude: -83.2738937
Latitude: 42.4008022

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For sale
Apartment buildings
MI
Detroit
48223
23740 Fenkell St

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.; Located in a highly desirable area of Detroit, off Telegraph Road on Fenkell Road.