23740 Fenkell Ave Detroit, MI 48223
- Apartment buildings
- 108,271 SF
- 2.34 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 23740 Fenkell Ave
- Year built
- 1967
- Lot size
- 2.34 lot acres
- Property size
- 108,271 SF
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a 138-unit apartment building in Detroit, Michigan. The Parkside Apartments complex, located at 23740 Fenkell Ave, boasts 108,271 square feet on a 2.34-acre lot. Built in 1967, this Class B multifamily property is currently listed at $6,350,000, offering a compelling 6.64% cap rate and a Net Operating Income (NOI) of $421,674. The property features a mix of studio, one-bedroom, and two-bedroom units, providing diverse rental income streams. Significant upgrades include refurbished roofs, individual electric and gas meters for each unit, and a secure gated entry, enhancing both resident comfort and property security. The property's strategic location in Detroit, within Wayne County, offers convenient access to local amenities, transportation networks, and employment opportunities. This well-maintained complex represents a strong investment opportunity in a growing market. The price per square foot is $63.73. This property is a prime example of a stable, income-producing asset with significant upside potential. The property's size and unit mix provide a solid foundation for long-term growth and profitability. The combination of attractive financial metrics and desirable property features makes this an ideal acquisition for discerning investors seeking a high-return multifamily investment in the Detroit area.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.2734
- Latitude
- 42.4006
