38 Ridge St Ecorse, MI 48229
- Residential income homes
Current Use by Public Records
- Residential income homes
Property Details for 38 Ridge St
- Property type
- Residential income homes
Description
This exceptional investment opportunity presents a portfolio of six single-family homes located in Ecorse, Michigan, within Wayne County, and zip code 48229. The properties are situated at 38 Ridge St, 27 Ridge St, 30 Ridge St, 59 E Glenwood Ave, 4241 6th St, and 38 E Westfield St. Currently generating a Net Operating Income (NOI) of $35,950, resulting in an 8.46% capitalization rate (Cap Rate). A pro-forma analysis projects a NOI of $44,728, yielding a 10.52% Cap Rate, indicating significant potential for increased profitability. The current total monthly rent is $6,250. Market analysis suggests that rental income can be increased to over $7,000 per month through strategic rent adjustments. This portfolio offers immediate cash flow and a compelling opportunity to expand a rental investment portfolio. The asking price for this turnkey investment is $425,000. This represents a rare chance to acquire a well-positioned, multi-unit rental property with substantial upside potential in a growing market. The properties are ready for immediate income generation, making this an attractive option for both seasoned and new investors seeking a strong return on investment.
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
- Ecorse
- County
- Wayne
- State
- Michigan
- Longitude
- -83.1414129
- Latitude
- 42.2563246
