38 Ridge StEcorse, MI 48229

For Sale
$425,000

Six-unit cash-flowing rental property.

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents a portfolio of six single-family homes located in Ecorse, Michigan, within Wayne County, and zip code 48229. The properties are situated at 38 Ridge St, 27 Ridge St, 30 Ridge St, 59 E Glenwood Ave, 4241 6th St, and 38 E Westfield St. Currently generating a Net Operating Income (NOI) of $35,950, resulting in an 8.46% capitalization rate (Cap Rate). A pro-forma analysis projects a NOI of $44,728, yielding a 10.52% Cap Rate, indicating significant potential for increased profitability. The current total monthly rent is $6,250. Market analysis suggests that rental income can be increased to over $7,000 per month through strategic rent adjustments. This portfolio offers immediate cash flow and a compelling opportunity to expand a rental investment portfolio. The asking price for this turnkey investment is $425,000. This represents a rare chance to acquire a well-positioned, multi-unit rental property with substantial upside potential in a growing market. The properties are ready for immediate income generation, making this an attractive option for both seasoned and new investors seeking a strong return on investment.

Highlights

  • $425,000 asking price for a six-unit single-family rental portfolio.
  • 8.46% current cap rate, with a pro-forma cap rate of 10.52%.
  • $35,950 current NOI, projected to increase to $44,728.
  • Located in Ecorse, Michigan, Wayne County, zip code 48229.
  • Six individual properties included in the portfolio.
  • Current rental income of $6,250 per month, with potential to increase to over $7,000 per month.

Location Insight

City
Ecorse
County
Wayne
State
Michigan
Latitude
42.2563246
Longitude
-83.1414129
38 Ridge St, Ecorse, Michigan

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38 Ridge St
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