629 Milwaukee Ave Detroit, MI 48202
- Apartment buildings
- 23,820 SF
Current Use by Public Records
- Apartment buildings
Property Details for 629 Milwaukee Ave
- Year built
- 1933
- Property size
- 23,820 SF
- Property type
- Apartment buildings
Description
This exceptional 35-unit apartment building, located at 629 W Milwaukee Ave in Detroit, MI 48202, presents a compelling investment opportunity. Originally constructed in 1933 as a General Motors hotel featuring a speakeasy (now retail space), the property boasts 23,820 square feet across four stories. Each of the 35 fully renovated residences benefits from the building's amenities, including a swimming pool and lounge. The building sits on a 10,600 square foot lot, including an attached parking lot, offering significant potential for mixed-use development. Its prime corner location at West Milwaukee and Second Avenue provides easy access to the Baltimore Q-Line Station, renowned Detroit architecture, and popular restaurants. The property generates a strong net operating income (NOI) of $300,000, resulting in a 5.71% cap rate. With a total asking price of $5,250,000, this translates to a price per unit of $150,000 and a price per square foot of $220.40. This is a rare chance to acquire a well-maintained, income-producing asset in a rapidly developing area of Detroit. The building's history, modern amenities, and strategic location combine to create a truly unique investment opportunity.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.0765
- Latitude
- 42.3674
