23411 Fenkell AveDetroit, MI 48223

Property Details for 23411 Fenkell Ave

Year built

1965

Lot size

2.27 AC

Property size (Sq ft)

54,309 SF

Property type

Apartment buildings

Description

Exceptional investment opportunity awaits with the Fenkell Apartments, a 48-unit multifamily property situated on a 2.27-acre lot in Detroit, Michigan. This well-maintained complex, built in 1965, offers 54,309 square feet of living space, encompassing 22 one-bedroom and 26 two-bedroom units. Each unit features a balcony, recently rebuilt to meet city codes. The property boasts several key features designed to maximize efficiency and profitability, including separate electric metering for each unit and recently refurbished boilers, minimizing maintenance concerns. The expansive courtyard and newly installed exterior lighting enhance the property's curb appeal and tenant experience. Financial projections indicate a strong Net Operating Income (NOI) of $154,174, resulting in an attractive 7.17% cap rate. Located at 23411 Fenkell Ave, Detroit, MI 48223, this property benefits from its location in a densely populated area with convenient access to amenities, shopping, and employment opportunities. The asking price for this exceptional investment is $2,150,000. This is a rare opportunity to acquire a well-maintained, high-performing multifamily asset in a desirable Detroit location.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.4002

Longitude

-83.2697

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