Renovated 21-Unit Apartment
New
For Sale
$4,100,000
240 Mack Ave, Detroit, MI 48201
Every apartment is occupied, and the property benefits from a tax abatement that continues after a sale.
Property Size7,400 SF
Price / SF$554.05
Days on Market4
Property Features for 240 Mack Ave
General Information
Standard status
Active
Size
7,400 SF
Property subtype
Multi-Family
Occupancy
100%
Financials
Asking Price
$4,100,000
Cap Rate
6.47%
Units
Unit Mix
17 x 1BR, 4 x studio
Multifamily Units
21
Building Details
Year Built
1930
Listing Agency:
Tarar Homes
Listed By:
Ahsan Tarar · License #6501431339
(313) 888-0315
Source:
Vmrealestatemichigan
Added: Oct 4
Changed: Oct 7
Last Checked: Oct 7 at 2:42PM
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 Tarar Homes
Investment Insights
Based on property information with market context.
This renovated Detroit apartment property contains 21 residences: 17 one-bedroom units and four studios. The building dates to 1930 and is fully occupied. Its in-place capitalization rate is 6.47%, and the existing tax abatement remains in effect following a change in ownership.
Located in Midtown, the property is near Wayne State University. The combination of its residential unit mix, current occupancy, and transferable abatement provides a clear overview of its existing operating profile.
Located in Midtown, the property is near Wayne State University. The combination of its residential unit mix, current occupancy, and transferable abatement provides a clear overview of its existing operating profile.
Key Highlights
- 21 apartments: 17 one‑bedroom units and 4 studios
- 100% occupied
- 6.47% in‑place capitalization rate
Property Analytics
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Current Use
Lease Details
21
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,224
Businesses Nearby
Explore this area
Business Placement
Demographics for 48201, MI
14,500
Population
9,900
Households
1.5
Avg Household Size
33
Median Age
37%
College-Educated
88%
High-School Grad
1.9 sq mi
ZIP Area
7,632
Density / Sq Mi
$24,392
Median Household Income
$36,835
Median Earnings
$841
Median Rent
$401,500
Median Home Value
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Apartment building - Every apartment is occupied, and the property benefits from a tax abatement that continues after a sale.
Where is this apartment building located?
The property is located at 240 Mack Ave Detroit, MI.
What is the asking price?
The asking price for this property is $4,100,000.
What are key features of this property?
This property features: 21 apartments: 17 one‑bedroom units and 4 studios; 100% occupied; 6.47% in‑place capitalization rate
