13521 Mcnichols Rd Detroit, MI 48205
- Commercial real estate
- 3,140 SF
- 0.14 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 13521 Mcnichols Rd
- Year built
- 1953
- Lot size
- 0.14 lot acres
- Property size
- 3,140 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a well-maintained, stabilized seven-unit apartment building located at 13521 E McNichols Rd, Detroit, MI 48205. Built in 1953 and extensively renovated in 2022, this single-story, 3,140 square foot building sits on a 0.14-acre lot. Currently boasting a 90% occupancy rate (as of September 1, 2023), the property generates a current Net Operating Income (NOI) of $29,890, representing an 8.54% capitalization rate. The pro-forma NOI is projected at $42,569, yielding a 12.17% capitalization rate upon full occupancy. Each of the seven units commands a price of $49,985.71, with the entire property listed at $349,900 ($111.43 per square foot). Landlord pays for water and electricity. The property requires advance notice for showings and tenants should not be disturbed. This is a prime example of a strong, income-producing asset in a desirable location, offering significant potential for future growth and return on investment. Serious inquiries only.
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
- -82.985441306705
- Latitude
- 42.426627666469
