3931 Mcgraw AveDetroit, MI 48208

This exceptional redevelopment opportunity presents a 27-unit apartment building situated at 3931 McGraw Ave, Detroit, MI 48208. Built in 1920, this three-story, Class C multifamily property boasts 24,255 square feet on a 16,553 square foot lot. The asking price is $600,000, translating to $24.74 per square foot and $22,222.22 per unit. The property currently features a mix of unit sizes: six one-bedroom, nine two-bedroom, and twelve three-bedroom apartments. A significant renovation is required. The building offers a rear parking lot. Located west of Wayne State University and north of Corktown, this property benefits from its proximity to numerous planned developments, suggesting substantial future growth potential. Financial projections indicate a current cap rate of 9.63% and a pro-forma cap rate of 28.98%, with a pro-forma NOI of $173,880. This presents a compelling investment opportunity for developers seeking a high-return project in a rapidly evolving Detroit neighborhood. The property's size and unit configuration offer considerable flexibility for a comprehensive renovation and repositioning strategy. This is a rare chance to acquire a substantial multifamily asset in a prime location poised for significant appreciation.