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7406 Oakland St
1 SF Industrial Condo Unit Offered at $288,000 in Detroit, MI 48211
Investment Highlights
- Up and coming area of North End
- Commercial zoning
Executive Summary
Excellent cash flow opportunity! Recently renovated, this 4-unit property offers a mix of studio, one-bedroom, and two-bedroom units, catering to a diverse tenant base and maximizing income potential. This property is in the quickly-growing North End neighborhood, walkable to restaurants and coffee shops. With the potential for steady rental income and the recent renovations minimizing maintenance costs, this quadplex stands as a strategic investment for those seeking to build a reliable stream of passive income in an emerging Detroit neighborhood. Due to location, unit sizes, and separate entrances, this is a versatile investment and could be a blend of short, mid and long-term rentals. Updates include: full unit remodels - kitchens with granite counters and new appliances, bathrooms with new vanities and fixtures, and new flooring throughout. Other recent updates: new furnaces, plumbing, roof, and hot water tanks. Gas and electric meters are separate, so tenants pay their own - water, lawn and snow included in the rent. PLEASE NOTE this property has some structural repairs and the property has been priced accordingly. Inspection reports and quotes available upon request. Property is rental certified with the City of Detroit (certificate of compliance). Unit 1- occupied - $950/mo, neighborhood legal pays about 30% of rent- washer dryer hook up only, no washer and dryer in unit; Unit 2- studio- vacant, last rented for $850/mo- washer and dryer access in basement; Unit 3- 1 bed- vacant - previously leased for $1000/mo - laundry in unit and basement access; Unit 4- 2 bed- occupied - leased for $1125/mo - laundry in unit;
Property Facts
| Price | $288,000 | Building Class | C |
| Unit Size | 1 SF | Floors | 1 |
| No. Units | 1 | Typical Floor Size | 2,262 SF |
| Total Building Size | 2,262 SF | Year Built | 1910 |
| Property Type | Multifamily (Condo) | Lot Size | 0.09 AC |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Sale Type | Owner User |
| Price | $288,000 |
| Unit Size | 1 SF |
| No. Units | 1 |
| Total Building Size | 2,262 SF |
| Property Type | Multifamily (Condo) |
| Property Subtype | Apartment |
| Sale Type | Owner User |
| Building Class | C |
| Floors | 1 |
| Typical Floor Size | 2,262 SF |
| Year Built | 1910 |
| Lot Size | 0.09 AC |
| Opportunity Zone |
Yes |
1 Unit Available
Unit 1
| Unit Size | 1 SF | Condo Use | Industrial |
| Price | $288,000 | Sale Type | Owner User |
| Price Per SF | $288,000.00 |
| Unit Size | 1 SF |
| Price | $288,000 |
| Price Per SF | $288,000.00 |
| Condo Use | Industrial |
| Sale Type | Owner User |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+4 | 4 | - | - |
zoning
| Zoning Code | B4 |
| B4 |
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7406 Oakland St
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