TENANTED

REDUCED BY $10,000

16825 Griggs Street, Detroit, MI 48221 - $94,900

Two apartment house - $1,490 rent a month.

Other properties for sale in Fitzgerald/Marygrove

* Net returns quoted and rents are all subject to tenant leases
16825 Griggs Street, Detroit, MI 48221
DESCRIPTION
This fantastic large two apartment multi family house is located on a very well kept
street in Fitzgerald?Marygrove on the Eastside of Detroit, the house is less than a mile
and walking distance to Marygrove College.
The property is split into two apartments. Downstairs you have a nice two bedroom
apartment and upstairs a spacious one bedroom apartment. The downstairs
apartment has a Section 8 tenant in place paying $795 in rent each month. The rent
is paid direct to the landlord via the City of Detroit. The upstairs apartment has a good
private tenant in place paying $695 in rent each month. The house is under
management with a great local Detroit property management company.

KEY FEATURES
• Three bedrooms.
• Two Bathrooms
• 1,262 sqft built.
• 3,920 sqft lot.

LOCAL AREA
This house is located in Fitzgerald/Marygrove, a great area in Detroit with a proud
community feel, this area has great schools and lots of local amenities, it is walking
distance to The University district and Bagley, two of the best neighbourhoods in
Detroit and is also walking distance to The Marygrove College which was established
in 1905

INVESTMENT DETAILS
• $ 17,880 Rent a year.
• $ 1,788 Management fees.
• $ 1,067 Property taxes.
• $ 600 Insurance.
• 16% Net return.

* Detroit now has more renters than homeowners.

* Detroit is in the top 10 nationwide in construction job growth.
* Detroit has the second highest rent-to-value ratio in the country.
* 3 Fortune 500 companies are based in Detroit.
* Rede ned Downtown with new bars and restaurants, walkways, cinemas.
* New QLine metro rail system connects the city.

* In the last 5 years in Detroit, home values have grown at a faster pace than in any other city in the U.S.
* $1 billion investment in tourist attractions and $650million spent on sports centre and renovating the arena district.
* Home to 4 high-pro le professional sports teams, the Lions, Pistons, Tigers and Red Wings.
* Current housing shortage of tenanted property due to increased demand.
* Fiat Chrysler to invest $1 billion in Metro Detroit Plant.
* $1billion Skyscraper construction is underway in Downtown.
* S&P Case-Shiller Index Con rms Detroit's Real Estate Market is Red-Hot
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