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$499,000

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19 Baths

11,075 SqFt

New

13535 La Salle BLVD Detroit, MI 48238

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Carlos Vazquez

carlosv@matchrealty.com +1(586) 863-7637

UPDATED:

Key Details

Property Type Multi-Family

Sub Type MultiFamily

Listing Status Active

Purchase Type For Rent

Square Footage 11,075 sqft

Subdivision Robert Oakmans Twelfth St

MLS Listing ID 20261088603

Style Common Entry Building

Full Baths 19

Year Built 1929

Lot Size 0.300 Acres

Acres 0.3

Property Sub-Type MultiFamily

Property Description

Value-add apartment opportunity in Detroit with the hard work already underway. This 19-unit, three-story brick building offers about 11,075 square feet on 0.19 acre and is offered at 499,000, roughly 26,300 per unit and about 45 per square foot. Built in 1929, it has the solid construction and unit count investors look for at an entry price that leaves room to build equity. Location is a major strength. The property sits close to the Davison Freeway, I-96 and I-75, giving tenants fast routes to Downtown, Midtown and the rest of the metro area, which supports steady rental demand. Updates are already done where it counts. More than half of the units are renovated and rent-ready, with luxury vinyl plank flooring and refreshed kitchens and baths. Additional improvements include a new boiler installed in 2023, a rubber roof, brand-new fencing around the attached parking lot and an on-site coin laundry room for added income. The unit mix is 14 one-bedrooms, one two-bedroom and four studios. The potential is clear. Only one unit is currently occupied, so a new owner can lease up the renovated units at market rents right away, then complete cosmetic updates on the remaining units to raise occupancy and grow net income. At an assumed average rent of 900 per month, gross potential income is about 205,200 per year, a gross rent multiplier near 2.4 at list price. All financial figures are projections based on a pro forma stabilized analysis assuming full occupancy and are not current income. Buyer and buyer's agent to verify all information, including unit count, zoning, square footage, rents and taxes.

Location

State MI

County Wayne

Area Area05043Detlivernoisi756Gdriver

Rooms

Basement Common, Common Storage Locker, Full, Partially Finished, Walk Up Access

Interior

Interior Features EntranceFoyer, HighSpeedInternet, ProgrammableThermostat

Heating Natural Gas, Radiant, Steam

Cooling Wall Unit(s)

Fireplace No

Laundry CommonArea, LaundryRoom

Exterior

Exterior Feature Balcony, Lighting, PrivateEntrance

Parking Features Lighted, ParkingLot, OnStreet

Fence Back Yard, Fenced, Fencing Allowed, Front Yard

Pool None

Community Features Sidewalks

View Y/N No

Roof Type Rubber

Garage false

Building

Foundation Basement, Block, BrickMortar

Sewer Public Sewer

Water Public

New Construction No

Schools

School District Detroit

Others

Senior Community false

Acceptable Financing Cash, Conventional, WarrantyDeed

Listing Terms Cash, Conventional, WarrantyDeed

Special Listing Condition ShortSaleNo, Standard

Pets Allowed Cats Ok, Number Limit, Size Limit, Yes

Listed by Jay Naim of EXP Realty Main

NEARBY SCHOOL & BUSINESS

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Carlos Vazquez

Realtor License ID: 445339

+1(586) 863-7637

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13535 La Salle BLVD Detroit, MI 48238

Carlos Vazquez

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

NEARBY SCHOOL & BUSINESS

GET MORE INFORMATION

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13535 La Salle BLVD