5771 Chatsworth ST Detroit, MI 48224
UPDATED:
Key Details
Property Type Multi-Family
Sub Type MultiFamily
Listing Status Active
Purchase Type For Rent
Square Footage 2,704 sqft
Subdivision Arthur J Scullys Rifle Range Sub 1
MLS Listing ID 20261046859
Style Duplex
Full Baths 2
Year Built 1928
Lot Size 4,791 Sqft
Acres 0.11
Property Sub-Type MultiFamily
Property Description
The building is fully leased and current. The lower unit rents at $950 per month through April 2027 and the upper at $850 per month through July 2027, both paying cash. Combined gross sits at $1,800 per month, or $21,600 annual, with net operating income around $11,800. At a $150,000 list that puts the buyer in near an 8 cap on day one occupancy. Both units are renting under market for the area, which leaves clear room for an incoming owner to bring rents up at renewal without heavy capital outlay given the updates already in place. This is a turnkey position for a buyer who wants income from acquisition rather than a lease up, with upside to the return as rents reset.
Morningside holds some of the most intact brick housing on Detroit's far east side and sits close to the Grosse Pointe border. The Mack Avenue corridor and Grosse Pointe shopping and dining are a short drive east, Chandler Park with its golf course and aquatic center is nearby, and access to I-94 and the broader east side is straightforward. The location supports the kind of stable, long term tenancy this building is already showing.
Showings by appointment only. POF or pre-approval required.
Location
State MI
County Wayne
Area Area05055Detconmorsgrathstn7Mack
Rooms
Basement Common, Daylight, Unfinished
Interior
Heating Forced Air, Natural Gas
Fireplace No
Exterior
Exterior Feature Balcony
Parking Features Garage, OnStreet
Pool None
View Y/N No
Garage true
Building
Foundation Basement, Block
Sewer Public Sewer
Water Public
New Construction No
Schools
School District Detroit
Others
Senior Community false
Acceptable Financing Cash, Conventional, WarrantyDeed
Listing Terms Cash, Conventional, WarrantyDeed
Special Listing Condition ShortSaleNo, Standard
Pets Allowed Call
NEARBY SCHOOL & BUSINESS
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