240 Mack AvenueDetroit, MI 48201

About

This Home

240 Mack Ave presents a rare opportunity to acquire a fully renovated, 21-unit multifamily asset in the heart of Midtown Detroit, just steps from Wayne State University and surrounded by some of the city’s strongest employment, educational, medical, and entertainment anchors. The property is currently 100% occupied, providing immediate and stabilized cash flow from day one. The unit mix includes 17 one-bedroom apartments and 4 studio units, offering efficient layouts well suited for the strong rental demand in the Midtown market. Offered at $4.1 million, the property delivers an attractive 6.47% in-place capitalization rate. An additional advantage is the existing tax abatement, which has been confirmed to survive the transfer of ownership, helping preserve the property’s favorable operating expenses and overall investment performance. With a fully renovated condition, stabilized occupancy, strong in-place income, and a premier Midtown Detroit location near Wayne State University, 240 Mack Ave offers investors the opportunity to acquire a turnkey multifamily asset in one of Detroit’s most desirable and established rental markets.

Details

Property Type

Residential Income

Style

Multi Family

Year Built

1930

Lot Size

0.16 acres

Garage Spaces

0

Heating

Forced Air, Natural Gas, Separate Meters

Cooling

ChillerCoolingSystem

Basement

Unfinished

Annual Taxes

$41,995

MLS #

20261080518

Gallery