NOT LISTED FOR SALE
1 Bed
24 Baths
19,392 Sq Ft
0.73 Acre Lot

Sale Details

Date Sold: October 24, 2024

Last sale price $1,400,000 $72 Per Sq Ft

73 Days on Market

Highlights

  • 0.73 Acre Lot
  • Forced Air Heating System
  • Laundry Facilities

About This Home

As of October 2024

Situated on Nine Mile Road in Eastpointe, this apartment building presents a prime opportunity as a value-add property with significant potential. Comprising 24 units, including four two-bedroom units and twenty one-bedroom units, each unit features separated utilities. Water is either included in rent or charged back to tenants on a monthly basis. The building offers shared common areas in the basement, providing additional storage space. Tenants benefit from ample parking, and the property's proximity to major freeways ensures an easy commute. This property is ideal for investors seeking to add value and stabilize rents, capitalizing on its strategic location and promising market dynamics.

Last Agent to Sell the Property

Jerry Kizy

Keller Williams Somerset License #6501411575 Listed on: 05/14/2024

Keller Williams Somerset

Co-Listed By

Michael Allen

National Realty Centers, Inc License #6501394767

Last Buyer's Agent

Joe Hammel

Keller Williams Somerset License #6501422602

Keller Williams Somerset

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1955

Lot Details

  • 31,799 Sq Ft Lot
  • Lot Dimensions are 200.00 x 160.00

Parking

  • 26 Parking Spaces

Home Design

  • 19,392 Sq Ft Home
  • Brick Exterior Construction
  • Block Foundation
  • Asphalt Roof

Bedrooms and Bathrooms

  • 24 Full Bathrooms

Utilities

  • Window Unit Cooling System
  • Forced Air Heating System
  • Heating System Uses Natural Gas
  • Separate Meters
  • Underground Utilities
  • Natural Gas Water Heater
  • Cable TV Available

Additional Features

  • Basement

Listing and Financial Details

  • Assessor Parcel Number 1430356014
  • $331 per year additional tax assessments

Community Details

Overview

  • 24 Units
  • George Fischer Subdivision

Amenities

  • Laundry Facilities

Pet Policy

  • Call for details about the types of pets allowed

Property Details

Home Type

Multi-Family

Year Built

Built in 1955

Lot Details

0.73 Acres

Listing Details

  • Property Type: ResidentialIncome
  • Year Built: 1955
  • State Equalized Value: 579700.00
  • Pets Allowed: Call
  • Property Sub Type: MultiFamily
  • LotSizeAcres: 0.73
  • Co List Office Mls Id: 408421
  • Co List Office Phone: 2486098000
  • Co List Office Mls Id: 409720
  • Above Grade Finished Sq Ft: 19392.00
  • Living Area: 19392.00
  • ClassName: ResidentialIncome
  • Special Features: None

Interior Features

  • Fireplace: No
  • Basement: Yes
  • Full Bathrooms: 24

Exterior Features

  • Waterfront: No
  • Foundation Details: Basement, Block
  • Construction Materials: Brick
  • Road Frontage Type: Paved
  • Disclosures: ActualIncome, LegalRentalCertified, NoRestrictions, TaxesNotHomesteadExempt
  • Roof: Asphalt

Garage/Parking

  • Total Parking Spaces: 26.00

Utilities

  • Cooling: SeparateMeters, WindowUnits
  • Heating: ForcedAir, NaturalGas, SeparateMeters
  • Sewer: PublicSewer
  • Water Heater Fuel: NaturalGas
  • Water Source: Public
  • Laundry Features: CommonArea
  • Utilities: AboveGroundUtilities, CableAvailable, UndergroundUtilities

Schools

  • Junior High Dist: EastDetroit

Lot Info

  • Lot Size Area: 0.73
  • Lot Dimensions: 200.00 x 160.00
  • Parcel Number: 1430356014
  • Land Lease Expiration Date: 2024-12-31
  • Zoning Description: MultiFamily

Rental Info

  • Rent Includes: SnowRemoval, TrashCollection, YardMaintenance
  • Monthly Rental Income: 20630.00

Tax Info

  • Tax Amount Summer: 45140.00
  • Tax Amount Winter: 1299.00
  • Tax Annual Amount: 46439.00
  • Tax Other Annual Assessment Amount: 331.00

Multi Family

  • Gross Scheduled Income: 247650.00
  • Number Of Units Total: 24

Ownership History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Name Owned For Owner Type

Purchase Details

Listed on
May 14, 2024
Closed on
Oct 24, 2024
Sold by
Bought by
Seller's Agent
Jerry Kizy
Keller Williams Somerset
Buyer's Agent
Joe Hammel
Keller Williams Somerset
List Price
$1,400,000
Sold Price
$1,400,000
Views
96

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$980,000
Interest Rate
6.08%
Mortgage Type
New Conventional

Purchase Details

Closed on
Mar 15, 2022
Sold by
Bought by

Purchase Details

Closed on
Mar 31, 2020
Sold by
Bought by

Purchase Details

Closed on
Nov 5, 2019
Sold by
Bought by

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$5,000,000
Interest Rate
3.6%
Mortgage Type
Future Advance Clause Open End Mortgage

Purchase Details

Closed on
Sep 10, 2013
Sold by
Bought by

Purchase Details

Closed on
Jul 14, 2011
Sold by
Bought by
Source: Public Records
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Home Values in the Area

Source: Public Records

Average Home Value in this Area





Source: Public Records

Purchase History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Buyer Sale Price Title Company
$1,400,000 Alliance Title
-- None Listed On Document
$1,100,000 None Available
-- --
$600,000 M S Title Agency Llc
$585,498 None Available
Source: Public Records

Mortgage History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Status Borrower Loan Amount
Open $615,000
Previous Owner $980,000
Previous Owner $5,000,000
Previous Owner $450,000
Previous Owner --
Source: Public Records

Property History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Date Event Price List to Sale Price per Sq Ft
10/24/2024 10/24/24 Sold $1,400,000 0.0% $72 / Sq Ft
07/26/2024 07/26/24 Pending -- -- --
05/14/2024 05/14/24 For Sale $1,400,000 -- $72 / Sq Ft
Source: Realcomp

Tax History

We collect this data history from publicly available records. To have your information removed, we recommend requesting removal directly through your county’s website.

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2026 $57,549 $745,300 $0 $0
2025 $56,380 $745,300 $0 $0
2024 $461 $745,300 $0 $0
2023 $45,140 $579,700 $0 $0
2022 $42,775 $531,600 $0 $0
2021 $42,087 $507,700 $0 $0
2020 $37,738 $466,000 $0 $0
2019 $21,223 $452,100 $0 $0
2018 $19,968 $313,020 $0 $0
2017 $21,154 $309,850 $32,000 $277,850
2016 $21,149 $309,850 $0 $0
2015 $15,788 $282,820 $0 $0
2013 $110,434 $226,540 $0 $0
Source: Public Records

Agents Affiliated with this Home

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Map

Source: Realcomp

MLS Number: 20240031219

Realcomp
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