23411 Fenkell Ave Detroit, MI 48223
- Apartment buildings
- 54,309 SF
- 2.27 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 23411 Fenkell Ave
- Year built
- 1965
- Lot size
- 2.27 lot acres
- Property size
- 54,309 SF
- Property type
- Apartment buildings
Description
Exceptional investment opportunity awaits with the Fenkell Apartments, a 48-unit multifamily property situated on a 2.27-acre lot in Detroit, Michigan. This well-maintained complex, built in 1965, offers 54,309 square feet of living space, encompassing 22 one-bedroom and 26 two-bedroom units. Each unit features a balcony, recently rebuilt to meet city codes. The property boasts several key features designed to maximize efficiency and profitability, including separate electric metering for each unit and recently refurbished boilers, minimizing maintenance concerns. The expansive courtyard and newly installed exterior lighting enhance the property's curb appeal and tenant experience. Financial projections indicate a strong Net Operating Income (NOI) of $154,174, resulting in an attractive 7.17% cap rate. Located at 23411 Fenkell Ave, Detroit, MI 48223, this property benefits from its location in a densely populated area with convenient access to amenities, shopping, and employment opportunities. The asking price for this exceptional investment is $2,150,000. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable Detroit location.
Value Estimation
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.2697
- Latitude
- 42.4002
