6330 Midland Detroit, MI 48238

Property Details for 6330 Midland

Year built

1919

Lot size

0.17 lot acres

Property size

12,879 SF

Property type

Industrial properties

Description

This exceptional 12,879 square foot industrial property, situated on a 0.17-acre lot at 6330 Midland Avenue in Detroit, Michigan, presents a compelling investment opportunity. Located in the University District, this asset enjoys convenient proximity to downtown Detroit, just a 10-minute commute away. The property boasts a strong financial performance, with a projected 2024 gross rent collection exceeding $195,000 and a net operating income (NOI) exceeding $110,000. This impressive NOI is driven by a portfolio of units operating under the Section 8 subsidy program, commanding an average monthly rental rate of $1,161. Furthermore, the property benefits from recently completed capital expenditures encompassing roof replacement, window upgrades, boiler and hot water tank refurbishment, electrical system enhancements, and plumbing improvements. Currently, two units are vacant, offering a new owner the potential to increase revenue streams through lease-up and the addition of laundry facilities. This well-maintained property represents a stable and potentially high-growth investment in a desirable Detroit location. The property's strong cash flow, coupled with the completed capital improvements, minimizes immediate maintenance needs and maximizes return on investment. This is a rare opportunity to acquire a turnkey industrial property with significant upside potential.