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.
For sale
$925,000
1055 Philip St, Detroit, MI 48215
21beds
11,949sqft
Est.:
Multi Family
Built in 1928
-- sqft lot
$-- Zestimate®
$77/sqft
$-- HOA
What's special
Side parkingRadiator systemNewer front roof
- 257 days
- on Zillow |
- 592 |
- 51 |
Zillow last checked: 7 hours ago
Listing updated: August 01, 2025 at 04:30pm
Listed by:
Tiroca Battle 586-580-8092,
REALTEAM Real Estate 586-580-8092
Source: Realcomp II,MLS#: 20240088848

Travel times
Tour with a buyer's agent
Tour with a buyer's agent
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 21
- Bathrooms: 20
- Full bathrooms: 20
Heating
- Forced Air, Natural Gas
Features
- Basement: Unfinished
- Has fireplace: No
Interior area
- Total interior livable area: 11,949 sqft
- Finished area above ground: 11,949
Property
Features
- Levels: Story 4 to 10
- Pool features: None
Lot
- Size: 6,534 Square Feet
- Dimensions: 60.00 x 112.00
Details
- Parcel number: W21I060751S
- Zoning description: MultiFamily
- Special conditions: Short Sale No,Standard
Construction
Type & style
- Home type: MultiFamily
- Architectural style: Other
- Property subtype: Multi Family
Materials
- Brick
- Foundation: Basement, Brick Mortar
Condition
- New construction: No
- Year built: 1928
Utilities & green energy
- Sewer: Public Sewer
- Water: Public
Community & HOA
Community
- Subdivision: POINTE VIEW JOSEPH S VISGER & EDGAR J HITCHINGS
Location
- Region: Detroit
Financial & listing details
- Price per square foot: $77/sqft
- Tax assessed value: $33,279
- Annual tax amount: $2,975
- Date on market: 11/26/2024
- Listing agreement: Exclusive Right To Sell
- Listing terms: Cash,Conventional
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