Detroit, MI 48208,3931-51 MCGRAW Street
$650,000
Est. payment /mo
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27 BD
27 BA
24,255 SqFt
Active

3931-51 MCGRAW Street Detroit, MI 48208

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UPDATED:

10/21/2024 06:02 PM

Key Details

Property Type Multi-Family

Sub Type Common Entry Building

Listing Status Active

Purchase Type For Sale

Square Footage 24,255 sqft

Price per Sqft $26

Subdivision Bela Hubbards Sub L5 P46 Plats

MLS Listing ID 20240020791

Style Common Entry Building

Bedrooms 27

Full Baths 27

Originating Board Realcomp II Ltd

Year Built 1920

Annual Tax Amount $7,271

Lot Size 0.380 Acres

Acres 0.38

Lot Dimensions 160.00X103.00

Property Description

AMAZING REDEVELOPMENT OPPORTUNITY ON THIS 27 UNIT BUILDING IN THE GRAND BLVD/ MCGRAW CORRIDOR. WEST OF WAYNE STATE, WOODBRIDGE, NW GOLDBERG AND SOUTH OF CORKTOWN. MANY DEVELOPMENTS PLANNED IN THE AREA. THE BUILDING NEEDS A FULL REHAB. GREAT UNIT MIX AND GENEROUS APARTMENTS SIZES. ADDITIONAL SPACE IN THE LOWER LEVEL TO ADD UNITS. SELLER HAS PLANS FOR AN ADDITIONAL NEW 38 UNIT BUILDING AND SEVERAL TRI PLEXES NEXT DOOR.
Expenses estimated at 6% mgmt fee = $19,872. Taxes $20,000. Insurance $15,000. Rehab estimated at $1 Million. Total $1,675 Million (16.7 Cap)

Location

State MI

County Wayne

Area Det South Of Grand River

Zoning Multi-Family

Direction EAST OFF GRAND BLVD

Rooms

Basement Unfinished, Common

Interior

Hot Water Natural Gas

Heating Baseboard

Fireplace no

Heat Source Natural Gas

Exterior

Waterfront no

Road Frontage Paved

Garage no

Building

Foundation Basement

Sewer Sewer at Street

Water Public (Municipal)

Architectural Style Common Entry Building

Level or Stories 3 Story

Structure Type Brick

Schools

School District Detroit

Others

Pets Allowed No

Tax ID W14I008027S001

Ownership Short Sale - No,Private Owned

Assessment Amount $100

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Financing Cash,Conventional


Realcomp MLS
Listed by Philip V Lang of Re/Max Connection

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James Gillen

Broker | License ID: 650345538

+1(248) 935-2309

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3931-51 MCGRAW Street