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For sale
  • $925,000

    1055 Philip St, Detroit, MI 48215

    21beds
    11,949sqft
    : 
    Multi Family
    Built in 1928
    -- sqft lot
    $-- Zestimate®
    $77/sqft
    $-- HOA

    What's special

    Side parkingRadiator systemNewer front roof
    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.
    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#: 20240088848MLS Logo
    Travel times

    Tour with a buyer's agent

    We'll find a local expert to take you on a private tour of 1055 Philip St.

    Next available tour time:Today at 11am

    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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