1055 PHILIP Street, Detroit, MI 48215 - MLS#20240088848

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Annette HIbbler

ahibblerrealestate@gmail.com +1(810) 227-1111

$925,000

Est. payment - /mo

20 Beds

20 Baths

11,949 SqFt

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Key Details

Property Type Multi-Family

Sub Type Other

Listing Status Active

Purchase Type For Sale

Square Footage 11,949 sqft

Price per Sqft $77

Subdivision Pointe View Joseph S Visger & Edgar J Hitchings

MLS Listing ID 20240088848

Style Other

Bedrooms 20

Full Baths 20

Year Built 1928

Annual Tax Amount $2,975

Lot Size 6,534 Sqft

Acres 0.15

Lot Dimensions 60.00 x 112.00

Property Sub-Type Other

Source Realcomp II Ltd

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 Det: Mcclellan East/Mack To Shor

Zoning Multi-Family

Direction N of Jefferson Ave E/E of Connor St

Rooms

Basement Unfinished

Interior

Heating Forced Air

Fireplace no

Heat Source Natural Gas

Exterior

Road Frontage Paved

Garage no

Private Pool No

Building

Foundation Basement

Sewer Public Sewer (Sewer-Sanitary)

Water Public (Municipal)

Architectural Style Other

Level or Stories 4-10 Story

Structure Type Brick

Schools

School District Detroit

Others

Pets Allowed Yes

Tax ID W21I060751S

Ownership Short Sale - No,Private Owned

Assessment Amount $100

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Financing Cash,Conventional

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Listed by Tiroca Battle of REALTEAM Real Estate

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