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$ 925,000
Est. payment /mo
Active
1055 PHILIP Street Detroit, MI 48215
20 Baths
6,534 Sqft Lot
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20240088848
Year Built 1928
Annual Tax Amount $2,975
Lot Size 6,534 Sqft
Acres 0.15
Lot Dimensions 60.00 x 112.00
Source Realcomp
Property Description
1055 Philip St is a 20-unit multifamily investment opportunity located between Grosse Pointe Park and Jefferson Chalmers. This building includes 19 one-bedroom units and 1 two-bedroom unit. With area rental comps supporting $800 to $1,000 per one-bedroom unit, the property offers a projected gross monthly income between $16,000 and $20,000. Using a conservative estimate of $18,000/month, the annual gross income is $216,000. After estimated expenses, this property can deliver a cap rate of approximately 8–9%, with additional income potential from on-site coin-operated laundry. The property features a newer front roof, individually metered units for tenant-paid utilities, wall furnaces in each unit, and an existing radiator system that provides an alternative heating option if desired. Tenants benefit from side parking and a shared downstairs storage area that could be rented out for additional revenue. Public transportation is easily accessible, with a bus station just steps away on E Jefferson Ave, making for a quick 12-minute commute to Downtown Detroit. This property is strategically positioned near major development, including the $45 million Schaap Center for the Performing Arts expansion in Grosse Pointe Park. Whether you're a seasoned investor or entering the multifamily space, 1055 Philip offers strong cash flow, upside potential, and a prime location within Detroit's east-side resurgence.
Location
State MI
County Wayne
Area Wayne County - 100
Zoning Multi-Family
Direction N of Jefferson Ave E/E of Connor St
Interior
Heating Forced Air
Exterior
View Y/N No
Building
Sewer Public
Water Public
Structure Type Brick
Schools
School District Detroit
Others
Tax ID W21I060751S
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by REALTEAM Real Estate