21124 Schoolcraft RdDetroit, MI 48223

Property Details for 21124 Schoolcraft Rd

Year built

1968

Lot size

0.41 AC

Property type

Apartment buildings

Description

Exceptional investment opportunity: Blackstone Apartments, a 30-unit apartment building located at 21124 Schoolcraft Rd, Detroit, MI 48223, is offered at $1,200,000. This three-story, 19,500 square foot building, constructed in 1968, sits on a 0.41-acre lot and is zoned B4. The property features 30 one-bedroom units, currently generating a gross scheduled income of $216,000 and a net operating income of $102,992, resulting in an attractive 8.58% cap rate. With a large potential tenant pool – over 168,138 households within a 5-mile radius and a total population of 373,631 – this property presents a strong financial performance and significant growth potential. The property's APN is 22-0094403. This is an ideal acquisition for both seasoned investors seeking portfolio expansion and first-time buyers aiming for a lucrative venture in Detroit's dynamic real estate market. The property's strong financials and location make it a compelling investment opportunity. This is a rare chance to acquire a well-performing multifamily asset in a rapidly growing area.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.386

Longitude

-83.2486

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