****If you would like to discuss the property, please EMAIL me at clamateis@gmail.com so we can set up a time to talk. Otherwise I will assume you are a realtor who is trying to sell my house.**** Don’t miss out on your opportunity to be a part of the fastest up and coming Detroit neighborhood in Jefferson-Chalmers. New features coming to the Jefferson-Chalmers neighborhood include a brand new neighborhood resource hub/Community Center opening in December 2021, Detroit Soul restaurant, Marlborough Café and Bistro, and Sunday’s Best East Jefferson Food Hall. You will be walking distance from Jazzin’ at the Vanity Jazz street festival, Marshall’s Bar, Coriander Kitchen, Yellow Light Coffee and Donuts, and Norma G’s (One of Detroit’s top rated restaurants), and more. You will also be walking distance from downtown Grosse Pointe Park, which includes many options for shopping, eating, and nightlife. You will be just a short drive/bike ride to West Village and Belle Isle Park. Located just a short drive to Downtown Detroit where you can experience casinos, nightlife, the arts, and sporting events in all of the major stadiums. The property is a duplex that includes 911-913 Alter Rd. Each unit includes 3 bedrooms, 1 bathroom with a dining room, living room, kitchen, and basement. One bedroom could be used as an office. Harwood floors throughout. New roof in 2018. New boiler furnaces and hot water heaters installed in both units in August 2021. Brand new triple pane windows in 913 unit that were installed in August of 2021, new washer and dryer in 911 unit installed in June 2021, new washer and Dryer in the 913 unit installed in November 2021. Taxes are $1,600 annually. Insurance is $1,300 annually. Average water bill is $75.00 per month. There is one water bill for whole house. Average rent for similar homes in this area is $1,100/month per unit, which will produce an NOI of $22,225.00 annually at a 7.41% Cap Rate, and a 15.82% COC Return. Average rents have increased about $150 in the last year and will continue to increase due to major renovations in the East Jefferson Corridor. I am planning on putting new windows in the 911 unit and painting the 911 unit. If someone is interested in buying it before I do that, I am open to lowering the price. Contact me by email at clamateis@gmail.com
This property is off market, which means it's not currently listed for sale or rent on Zillow. This may be different from what's available on other websites or public sources.
