For Sale
$250,000

1606 Gladstone St Detroit, MI 48206

4-Unit Apartment Building, Midtown Proximity

Overview

Added:
Dec 11, 2024
Days on market:
137
This vacant, four-unit apartment building at 1606 Gladstone St, Detroit, MI 48206, presents a compelling redevelopment opportunity. The 3,514 square foot property, situated on a 0.14-acre lot (APN 08002478), is a two-story, Class C building constructed in 1916 and renovated in 2021. Significant structural and framing work has already been completed, including a new roof and newer windows and doors. The building is currently vacant and requires the completion of plumbing and electrical systems, along with all interior finishes. Quotes from licensed contractors for these systems are readily available. Each unit features two bedrooms and one bathroom with in-unit laundry. The property is securely fenced and located just five minutes from Midtown, surrounded by occupied multifamily buildings. A comparable property recently sold for $380,000, highlighting the potential return on investment. This is a for-sale-by-owner property, zoned for multifamily use, offering a blank slate for a savvy investor to create significant value. The asking price is $250,000.

Highlights

  • Excellent value-add opportunity: four-unit building, each unit featuring two bedrooms and one bath with in-unit laundry.
  • Significant recent renovations include a new roof, newer windows and doors, and substantial structural work.
  • Property requires complete interior renovation of all systems and finishes; however, quotes from licensed contractors for plumbing and electrical are available.
  • Secure building.
  • Comparable recently sold for $380,000.

Property Details for 1606 Gladstone St

Property type
Apartment buildings
Square Feet
3,514 SF
Class
C
Year Built/Renovated
1916/2021
Buildings
1
Stories
2
Lot Size (sq. ft)
6,098 SF
Units
4

Location Insight

City
Detroit
County
Wayne
State
Michigan
Latitude
42.3750656
Longitude
-83.0952

FAQs

What type of property is this?
Apartment building - 4-Unit Apartment Building, Midtown Proximity
Where is the apartment building located?
The property is located at 1606 Gladstone St Detroit, MI.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Excellent value-add opportunity: four-unit building, each unit featuring two bedrooms and one bath with in-unit laundry.; Significant recent renovations include a new roof, newer windows and doors, and substantial structural work.; Property requires complete interior renovation of all systems and finishes; however, quotes from licensed contractors for plumbing and electrical are available.
How can I contact the broker?
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1606 Gladstone St
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