35
See all 35 photos
$3,995,000
Est. payment /mo
20 Baths
0.97 Acres Lot
Active
516 NEFF Lane Lane Grosse Pointe, MI 48230
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Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Municipality Grosse Pointe City
Subdivision Grosse Pointe City
MLS Listing ID 20261004006
Year Built 1972
Annual Tax Amount $44,052
Lot Size 0.970 Acres
Acres 0.97
Lot Dimensions 114.20 x 437.00
Source Realcomp
Property Description
Exceptional opportunity to acquire a well-located 20-unit multifamily asset in the heart of Grosse Pointe, one of Metro Detroit's most desirable and supply-constrained rental markets. This stabilized community offers immediate cash flow with significant upside through continued rent growth and value-add execution.The property features a strong unit mix with spacious floor plans, well-maintained interiors, and a history of high occupancy. Current ownership has completed substantial capital improvements in recent years, including renovations to a portion of the units, allowing a new owner to continue implementing a proven renovation and rent-increase strategy.Situated in a premier residential setting near the waterfront, top-rated schools, retail, dining, and major employment corridors, the property benefits from consistent tenant demand and long-term market stability. Grosse Pointe's limited multifamily inventory and strong demographic profile create a compelling environment for sustained rental growth and asset appreciation.With in-place income, professional management history, and clear value-add potential, this offering is ideal for investors seeking a stabilized asset with both immediate yield and long-term upside in a premier suburban market.
Location
State MI
County Wayne
Area Wayne County - 100
Zoning Multi-Family
Direction South on Neff Rd west on st.paul.
Interior
Heating Forced Air
Cooling Central Air
Exterior
View Y/N No
Handicap Access No Step Entrance
Building
Lot Description Cul-De-Sac
Water Public
Structure Type Brick
Schools
School District Grosse Pointe
Others
Tax ID 37004990009000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Pinnacle Plus Realty LLC
NEARBY SCHOOL & BUSINESS
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