About 23740 Fenkell St
Pilot Program accepted through the City of Detroit!! Well-maintained 138-unit brick apartment community located in a highly desirable area of Detroit, just off Telegraph Road on Fenkell Road. This stabilized asset consists of three buildings and is currently 98% occupied, offering strong in-place cash flow. The property operates at an attractive 10% cap rate with additional upside through modest rent increases. Seller has done numerous amounts of upgrades and remodeling to the property in the past couple of years. The community is gated and features laundry facilities in each building. Hallways and a majority of units have been updated, contributing to tenant appeal and reduced turnover costs. Major systems have been well cared for, including boilers in excellent condition and a brand-new flat roof. With no immediate capital expenditures required, this is a turnkey investment ideal for both first-time multifamily investors and seasoned buyers looking to expand their portfolio. Property has Certificate of Compliance good through 2027
Features of 23740 Fenkell St
| MLS® # | 58050198321 |
|---|---|
| Price | $6,750,000 |
| Bedrooms | 131 |
| Bathrooms | 138.00 |
| Full Baths | 138 |
| Square Footage | 67,608 |
| Acres | 2.34 |
| Year Built | 1967 |
| Type | Multifamily |
| Status | Active |
Community Information
| Address | 23740 Fenkell St |
|---|---|
| Area | 05033 - Det - Schcraft-6 Grnfld-Limits |
| Subdivision | MORE THAN ONE LEGAL INVOLVED |
| City | Detroit city |
| County | Wayne |
| State | Michigan |
| Zip Code | 48223 |
Amenities
| Is Waterfront | No |
|---|---|
| Has Pool | No |
Interior
| Heating | Natural Gas, Separate Meters, Steam |
|---|---|
| Fireplace | No |
Exterior
| Foundation | Basement |
|---|
School Information
| District | Detroit |
|---|
Additional Information
| Foreclosure | No |
|---|---|
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Office | Keller Williams Paint Creek |
|---|---|
| Contact Info | Zehel@proteamkw.com |