3619 Chene St Detroit, MI 48207-1646

Property Details for 3619 Chene St

Year built

1917

Lot size

0.07 lot acres

Property size

2,622 SF

Zone code

B4

Property type

Retail space

APN

09003865.

APU

9003865

Description

This exceptional Detroit investment opportunity presents a unique blend of commercial and residential income streams. Located on the edge of the expanding Eastern Market district, this Class B property boasts 2,622 square feet on a 3,049 square foot lot at 3619 Chene St, Detroit, MI 48207. The property includes two short-term rental units (each a four-bedroom, one-and-a-half-bathroom unit), a retail space, and an office loft, offering diverse income potential. The building's alley access leads to a fenced-in yard. Financial records for 2022-2024, including operating expenses and net operating income (NOI) of $77,686, are available upon request. The asking price is $500,000, representing a compelling cap rate of 15.54% and a price per square foot of $190.69. This turnkey business and real estate package presents a significant opportunity for investors seeking a high-return property in a rapidly developing area. The property's current configuration offers immediate income, while its location within the Eastern Market expansion zone suggests significant future growth potential, particularly for the retail space. The seller is motivated and seeking a buyer to unlock the property's full potential. This is a rare chance to acquire a well-established, multi-faceted property in a prime Detroit location.