REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 449,900
Est. payment /mo
New
6022-6028 APPOLINE Dearborn, MI 48126
4 Baths
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Municipality Dearborn City
Subdivision Dearborn City
MLS Listing ID 20261045671
Year Built 1927
Annual Tax Amount $6,425
Lot Dimensions 36X132
Source Realcomp
Property Description
6022–6028 APPOLINE PRESENTS A STRONG, FULLY OCCUPIED 4-UNIT MULTIFAMILY OPPORTUNITY IN DEARBORN.? THE PROPERTY CONSISTS OF FOUR SPACIOUS 1-BEDROOM / 1-BATH UNITS, APPROXIMATELY 800 SQUARE FEET EACH, WITH CURRENT GROSS INCOME OF $3,515 PER MONTH.? THE MOST RECENT LEASE WAS SIGNED AT $915 PER MONTH, SHOWING CLEAR RENTAL UPSIDE AS IN-PLACE RENTS REMAIN BELOW MARKET.?THE BUILDING HAS BENEFITED FROM MEANINGFUL CAPITAL IMPROVEMENTS, INCLUDING HVAC REPLACEMENT WORK BY DETROIT FURNACE IN 2021, MAJOR PLUMBING UPGRADES BY FROST & KRETSCH FROM 2020–2021, NEW FRONT PORCH STEPS AND MASONRY IN 2022, AND EXTERIOR REPAIRS COMPLETED FOR THE CITY OF DEARBORN CERTIFICATE OF OCCUPANCY IN 2020.? APPLIANCES HAVE ALSO BEEN REPLACED AS UNITS TURNED OVER.?TENANCY IS STABLE, WITH ZERO MOVE-OUTS SINCE 2023.? CURRENT TENANTS AVERAGE APPROXIMATELY FIVE YEARS IN PLACE, WITH THE LONGEST TENANT IN PLACE FOR ABOUT SEVEN YEARS.? THREE OF THE FOUR UNITS ARE CONVENTIONAL MONTH-TO-MONTH TENANCIES, PROVIDING FLEXIBILITY FOR A FUTURE OWNER-OCCUPANT OR INVESTOR.? UNIT 6028 #4 IS A HOUSING-VOUCHER TENANCY WITH APPROXIMATELY $595 OF THE $875 RENT PAID DIRECTLY BY THE HOUSING AUTHORITY AND CONSISTENT PAYMENTS DATING BACK TO 2019.? WITH STABLE OCCUPANCY, DEPENDABLE INCOME, RECENT MAJOR IMPROVEMENTS, AND REAL UPSIDE THROUGH RENTAL GROWTH, THIS IS AN ATTRACTIVE DEARBORN MULTIFAMILY ASSET FOR INVESTORS OR OWNER-OCCUPANTS SEEKING INCOME AND FLEXIBILITY.?
Location
State MI
County Wayne
Zoning Residential
Direction W OF MILLER S OF FORD RD
Interior
Heating Forced Air
Exterior
View Y/N No
Building
Water Public
Structure Type Brick
Schools
School District Dearborn
Others
Tax ID 32821008314013
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Century 21 Curran & Oberski