Welcome Highland Park, MI! Nestled within a vibrant community, this charming apartment building offers a comfortable lifestyle just moments away from local amenities. Conveniently located near major highways and public transportation, commuting is a breeze. Don't miss out on this opportunity to experience urban living at its finest in Highland… Read More Park with easy access to Davison Freeway and the John C. Lodge Freeway. A;A;Investing in real estate in Highland Park, MI, presents opportunities for investors to benefit from affordability, potential appreciation, steady rental demand, favorable location, and redevelopment prospects. A;A;This property has been prepared for restoration. Looking for the right investor to take on a new project. There is a lot of opportunity and potential. Commercial storefronts can be used for business or be converted to add additional residential units. SALE OF THIS PROPERTY ALSO INCLUDES A BONUS VACANT LOT ACROSS THE STREET AT 279 RICHTON ST. This allows for future development opportunities to create additional profits and return on investment.A;A;280 Richton St is a four story vacant brick building that includes 34 residential units as well as 4 commercial units on the ground level for a total of 38 units:A;A;Number of 1 Bedroom Units: 30A;Number of 2 Bedroom Units: 3A;Number of 3 Bedroom Units: 1A;Number of Commercial Units: 4 A;A;Investing in real estate in Highland Park, MI, can be advantageous for several reasons:A;A;-Compared to nearby areas, real estate prices in Highland Park may be more affordable, offering opportunities for investors to acquire properties at lower costs.A;A;-Potential for appreciation: Highland Park is undergoing revitalization efforts, which could lead to an increase in property values over time as the area develops and improves.A;A;-Rental demand: With its proximity to Detroit and various amenities, Highland Park can attract renters seeking affordable housing options. Investors can capitalize on steady rental demand and potentially achieve attractive rental yields.A; Read Less
Provided through IDX through Realcomp II Ltd. Courtesy of Re/Max Connection.
Listing Snapshot
Days Online
364
Last Updated
Property Type
Commercial
Square Ft.
21,696
Lot Size
0.22 Acres
Year Built
1928
MLS Number
20240032890
30 Days Snapshot Of 48203
$102k
-29%
(avg) sold price
11
+37%
homes sold
108
+6%
(avg) days on market
Snapshot
Area Map
Additional Details
Property Access
Paved
Building
Built in 1928, 21,696 total square feet, 21,696 main square feet, 6,000 office square feet, Unit count: 0, 30 one-bedroom units, 3 two-bedroom units, 1 three-bedroom unit, Brick
Foundation
Slab, Basement
Water Features
Public (Municipal)
Heating
Natural Gas
Lot
Lot size area: 0.22, Lot size dimensions: 69.10 x 140.00
Miscellaneous
Gross scheduled income: $400,000, Monthly sales: $0, Net operating income: $240,000, Operating expense: $160,000, Business And Real Estate
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