3550 Montclair St, Detroit, MI 48214

Description

**INVESTORS** This is your opportunity to add an updated 16 unit brick apartment building to your portfolio! The property has 7 of the 16 units occupied! The property was significantly updated in 2022, with updates including all-new windows, a new roof, 2 new boilers and HWTs, some updated electrical and plumbing, 5 of the 16 units were completely remodeled w/ updated kitchens and bathrooms, and the remaining 11 have had rental turnovers completed! Best of all, this is both a turn-key and value add property, as the front half of the basement has space to add 4 units and has been gutted in preparation for the new owner to begin the work. Each unit's electricity and cooking gas are metered separately while the owner pays for heating, common area electric, and water. The property is also located a few blocks away from Chrysler/Stellantis's new auto manufacturing plant which is expected to have a positive economic impact on the surrounding areas. Transfers will be subject to reporting when buyers use entities or trusts to take title to residential real estate, when the transaction is all-cash, privately financed, or HELOC.