25
See all 25 photos
$329,900
Est. payment /mo
4 Baths
2,662 SqFt
Price Dropped by $20K
1561 W Grand Boulevard Detroit, MI 48208 1402
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Key Details
Property Type Multi-Family
Sub Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,662 sqft
Price per Sqft $123
Subdivision Mi
MLS Listing ID 60998451
Full Baths 3
Half Baths 1
Year Built 1912
Annual Tax Amount $1,563
Lot Size 5,227 Sqft
Acres 0.12
Lot Dimensions 40X125
Property Sub-Type Multi-Family
Property Description
Turnkey, fully renovated triplex offering immediate income potential and attractive investment metrics in one of Detroit's rapidly improving neighborhoods. Located just minutes from Downtown Detroit, New Center, Henry Ford Hospital, Wayne State University, and major freeway access, this multifamily property is ideally positioned for both strong rental demand and long-term appreciation. All three units have been extensively updated with modern finishes, including renovated kitchens featuring quartz countertops, updated cabinetry, and beautifully remodeled bathrooms with quartz surfaces and contemporary fixtures. Investors will appreciate the significant capital improvements already completed, reducing near-term maintenance expenses and enhancing tenant appeal. The property is projected to generate approximately $3,300 per month ($39,600 annually) in gross rental income, with the second-floor unit currently leased at $1,200 per month. The first-floor unit is projected at $1,300 per month and the third-floor unit at $800 per month, providing immediate upside through lease-up of the remaining units. With a projected gross rent multiplier under 9 and estimated cap rate approaching 7%, this property presents a compelling opportunity for investors seeking cash flow, appreciation potential, and a renovated asset requiring minimal additional investment. Whether adding to an established portfolio or entering the multifamily market, this property checks all the boxes for today's investor. Rare opportunity to acquire a fully renovated triplex with strong income potential, modern finishes, and an unbeatable location near Detroit's largest employment, medical, and educational centers. Income-producing property generating $3,250 per month in rental income, with the first floor leased at $1,300/month, the second floor at $1,200/month, and the third floor at $750/month. Buyer and Buyer's Agent to verify all information. BATVAI.
Location
State MI
County Wayne
Area Detroit (82001)
Zoning Residential
Rooms
Basement Block
Interior
Heating Forced Air
Fireplace No
Exterior
Exterior Feature Brick
Building
Foundation Basement
Water Public Water
Structure Type Brick
Schools
School District Detroit City School District
Others
Ownership Private
Energy Description Natural Gas
Financing Cash,Conventional
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by EXP Realty Birmingham
NEARBY SCHOOL & BUSINESS
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