1055 PHILIP Street Active Save Request In-Person Tour Request Virtual Tour
Detroit,MI 48215
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 11,949 sqft
Price per Sqft $77
Subdivision Pointe View Joseph S Visger & Edgar J Hitchings
MLS Listing ID 20240088848
Style Other
Bedrooms 20
Full Baths 20
Year Built 1928
Annual Tax Amount $2,975
Lot Size 6,534 Sqft
Acres 0.15
Lot Dimensions 60.00 x 112.00
Property Sub-Type Other
Source Realcomp II Ltd
Property Description
1055 Philip St is a 20-unit multifamily investment opportunity located between Grosse Pointe Park and Jefferson Chalmers. This building includes 19 one-bedroom units and 1 two-bedroom unit. With area rental comps supporting $800 to $1,000 per one-bedroom unit, the property offers a projected gross monthly income between $16,000 and $20,000. Using a conservative estimate of $18,000/month, the annual gross income is $216,000. After estimated expenses, this property can deliver a cap rate of approximately 8–9%, with additional income potential from on-site coin-operated laundry. The property features a newer front roof, individually metered units for tenant-paid utilities, wall furnaces in each unit, and an existing radiator system that provides an alternative heating option if desired. Tenants benefit from side parking and a shared downstairs storage area that could be rented out for additional revenue. Public transportation is easily accessible, with a bus station just steps away on E Jefferson Ave, making for a quick 12-minute commute to Downtown Detroit. This property is strategically positioned near major development, including the $45 million Schaap Center for the Performing Arts expansion in Grosse Pointe Park. Whether you're a seasoned investor or entering the multifamily space, 1055 Philip offers strong cash flow, upside potential, and a prime location within Detroit's east-side resurgence.
Location
State MI
County Wayne
Area Det: Mcclellan East/Mack To Shor
Zoning Multi-Family
Direction N of Jefferson Ave E/E of Connor St
Rooms
Basement Unfinished
Interior
Heating Forced Air
Fireplace no
Heat Source Natural Gas
Exterior
Road Frontage Paved
Garage no
Building
Foundation Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Architectural Style Other
Level or Stories 4-10 Story
Structure Type Brick
Schools
School District Detroit
Others
Pets Allowed Yes
Tax ID W21I060751S
Ownership Short Sale - No,Private Owned
Assessment Amount $100
Acceptable Financing Cash,Conventional
Listing Terms Cash,Conventional
Financing Cash,Conventional