21124 Schoolcraft Rd Detroit, MI 48223
- Apartment buildings
- 0.41 lot acres
Current Use by Public Records
- Apartment buildings
Property Details for 21124 Schoolcraft Rd
- Year built
- 1968
- Lot size
- 0.41 lot acres
- Property type
- Apartment buildings
Description
Exceptional investment opportunity: Blackstone Apartments, a 30-unit apartment building located at 21124 Schoolcraft Rd, Detroit, MI 48223, is offered at $1,200,000. This three-story, 19,500 square foot building, constructed in 1968, sits on a 0.41-acre lot and is zoned B4. The property features 30 one-bedroom units, currently generating a gross scheduled income of $216,000 and a net operating income of $102,992, resulting in an attractive 8.58% cap rate. With a large potential tenant pool – over 168,138 households within a 5-mile radius and a total population of 373,631 – this property presents a strong financial performance and significant growth potential. The property's APN is 22-0094403. This is an ideal acquisition for both seasoned investors seeking portfolio expansion and first-time buyers aiming for a lucrative venture in Detroit's dynamic real estate market. The property's strong financials and location make it a compelling investment opportunity. This is a rare chance to acquire a well-performing multifamily asset in a rapidly growing area.
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
- -83.2486
- Latitude
- 42.386
