5771 Chatsworth St, Detroit, MI 48224 3212

Description

5771 Chatsworth is a brick two family flat in Detroit's Morningside neighborhood, configured as a three bedroom one bath unit over a matching three bedroom one bath unit. Both units are currently occupied and stabilized, with original character intact throughout: dark stained hardwood floors, decorative plaster wall panels, tiled fireplaces, and arched window openings that read as period appropriate for the east side's prewar housing stock. The kitchens carry updated cabinetry, tile backsplash, and gas ranges, and each unit has its own water heater in the shared basement. A detached garage sits off the rear drive. The building is fully leased and current. The lower unit rents at $950 per month through April 2027 and the upper at $850 per month through July 2027, both paying cash. Combined gross sits at $1,800 per month, or $21,600 annual, with net operating income around $11,800. At a $150,000 list that puts the buyer in near an 8 cap on day one occupancy. Both units are renting under market for the area, which leaves clear room for an incoming owner to bring rents up at renewal without heavy capital outlay given the updates already in place. This is a turnkey position for a buyer who wants income from acquisition rather than a lease up, with upside to the return as rents reset. Morningside holds some of the most intact brick housing on Detroit's far east side and sits close to the Grosse Pointe border. The Mack Avenue corridor and Grosse Pointe shopping and dining are a short drive east, Chandler Park with its golf course and aquatic center is nearby, and access to I-94 and the broader east side is straightforward. The location supports the kind of stable, long term tenancy this building is already showing. Showings by appointment only. POF or pre-approval required.