UPDATED:
Key Details
Property Type Commercial
Sub Type Apartments,Real Estate Only
Listing Status Active
Purchase Type For Sale
Square Footage 36,221 sqft
Price per Sqft $132
Subdivision Frischkorns Joy Road
MLS Listing ID 20251050711
Bedrooms 60
Year Built 1951
Annual Tax Amount $30,886
Lot Size 1.720 Acres
Acres 1.72
Lot Dimensions 496X150.45
Property Sub-Type Apartments,Real Estate Only
Source Realcomp II Ltd
Property Description
LOCATED 6 MINUTES FROM THE HISTORIC CITY OF DEARBORN YOU WILL FIND
THIS 60 UNIT ALL SECTION 8 COMPOUND NESTLED ON A 2 ACRE LOT IN THE QUIET OAKMAN BOULEVARD NEIGHBORHOOD OF HOMEOWNERS. THIS CROWN JEWEL IS RECENTLY REMODELED AND BOASTS 36 TWO BEDROOM 24 ONE BEDROOM APARTMENTS. SHE HAS BEEN CAREFULLY UPGRADED STARTING FROM THE 400 SQUARE BRAND NEW 40 YEAR ROOF WITH HIGH DEFINITION SHINGLES TO EVERY INCH OF ELECTRICAL IN EACH UNIT. SPEAKING OF BRAND NEW, THIS DIAMOND SHINES BRIGHT THROUGH EACH AND EVERY NEW WINDOW, NEW GUTTER AND NEW PIECE OF TRIM. IN ADDITION, THIS BEAUTY HAS A NEWER HEATING SYSTEM AND BRAND NEW PLUMBING TO INSURE MAINTENANCE FREE CASH FLOW. MOREOVER, SHE HAS FRESHLY ROLLED PAINT AND BRAND NEW CARPET WITH TOP OF THE LINE UNDERLAYMENT. EVERY UNIT HAS BEEN RENTED TO SECTION 8 TENANTS,THE MONTHLY DIVIDENDS ARE JUST UNDER $50,000 A MONTH AND ARE PAID BY THE FEDERAL GOVERNMENT. THE TENANTS PAY ALL THE UTILITIES, WHICH ALLOWS THIS COMPLEX TO MAINTAIN JUST UNDER 20% CASH ON CASH THIS DIAMOND WILL BE WRAPPED AROUND A LUCKY OWNER'S FINGERTIPS SOON!
NO SHOWINGS WITHOUT ACCEPTED FULL LIST OFFER.
Location
State MI
County Wayne
Area Det - Joy-Dbn Ht Grnfld-Limits
Zoning Multi-Family
Direction S on Southfield Fwy, E on Joy Rd, Building is on the Right
Exterior
Road Frontage Paved
Building
Foundation Basement
Sewer Sewer (Sewer-Sanitary)
Water Public (Municipal)
Structure Type Brick
Schools
School District Detroit
Others
Tax ID W22I003043S001
Ownership Short Sale - No,Private Owned
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
Special Listing Condition Full Service
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