629 Milwaukee AveDetroit, MI 48202

For Sale
$5,250,000

35 Units, $5.25M, High NOI

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional 35-unit apartment building, located at 629 W Milwaukee Ave in Detroit, MI 48202, presents a compelling investment opportunity. Originally constructed in 1933 as a General Motors hotel featuring a speakeasy (now retail space), the property boasts 23,820 square feet across four stories. Each of the 35 fully renovated residences benefits from the building's amenities, including a swimming pool and lounge. The building sits on a 10,600 square foot lot, including an attached parking lot, offering significant potential for mixed-use development. Its prime corner location at West Milwaukee and Second Avenue provides easy access to the Baltimore Q-Line Station, renowned Detroit architecture, and popular restaurants. The property generates a strong net operating income (NOI) of $300,000, resulting in a 5.71% cap rate. With a total asking price of $5,250,000, this translates to a price per unit of $150,000 and a price per square foot of $220.40. This is a rare chance to acquire a well-maintained, income-producing asset in a rapidly developing area of Detroit. The building's history, modern amenities, and strategic location combine to create a truly unique investment opportunity.

Highlights

  • 35-unit apartment building, fully renovated, with a swimming pool and lounge.
  • Located at 629 W Milwaukee Ave, Detroit, MI 48202, on a 10,600 sq ft lot with attached parking.
  • Prime corner location near Baltimore Q-Line Station, offering mixed-use development potential.
  • 23,820 sq ft building, generating $300,000 NOI, 5.71% cap rate, asking price $5,250,000 ($150,000/unit, $220.40/sq ft).

Property Details for 629 Milwaukee Ave

Property type
Multifamily properties, Apartment buildings
Square Feet
23,820 SF
Year Built
1933
Buildings
1
Stories
4
Units
35

Location Insight

City
Detroit
County
Wayne
State
Michigan
Latitude
42.367401
Longitude
-83.076466
629 Milwaukee Ave, Detroit, Michigan

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629 Milwaukee Ave
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