$1,929,017
$1,375,000
40.3%For more information regarding the value of a property, please contact us for a free consultation.
34 Beds
81 Baths
39,000 SqFt
SOLD DATE : 10/16/2020
Key Details
Sold Price $1,929,017
Property Type Multi-Family
Sub Type Duplex
Listing Status Sold
Purchase Type For Sale
Square Footage 39,000 sqft
Price per Sqft $49
Subdivision Daniel J Campaus (Plats)
MLS Listing ID 219070568
Sold Date 10/16/20
Style Duplex
Bedrooms 34
Full Baths 64
Half Baths 34
Originating Board Realcomp II Ltd
Year Built 2011
Annual Tax Amount $28,014
Lot Size 7.000 Acres
Acres 7.0
Lot Dimensions 625x550x625x550
Property Description
Gray Street Phase 1 and 2 consists of four 2 bedroom and thirty 3 bedrooms apartment units and three individual 1,000 square foot commercial spaces. Phase 1 was built in 2005 as affordable housing and in its last year of a 15 year tax credit deal. Phase 2 was built in 2011 is in its 8th year of the 15 year extended period. All buildings meticulously maintained. 100% occupied with some of the tenants living here since developed, waitlist for future residents. Phase 1 consists of 15 duplexes (30 units total) w/ indiv. driveways and detached garages per unit. Per the regulatory docs, 20% of the property must be rented to families at 45% median income and the other 80% must be rented at 50% income. Phase 2 consists of 1 building that has 3 COMMERCIAL UNITS of 1,000 square feet each and 4 apartment above. Phase 2 has an income limit of 60% of median income. Phase 1 is on the 4% PILOT program for taxes and Phase 2 is on the 10% PILOT program.
Location
State MI
County Wayne
Area Det: Mcclellan East/Mack To Shor
Zoning Multi-Family
Direction Take Conner North off Jefferson, East on Kercheval.
Rooms
Basement Private, Walk-Up Access
Interior
Interior Features Cable Available, Fire Sprinkler, High Spd Internet Avail, Programmable Thermostat, Security Alarm (owned)
Hot Water Natural Gas
Heating Forced Air
Cooling Central Air
Heat Source Natural Gas
Exterior
Exterior Feature Awning/Overhang(s), Fenced, Outside Lighting, Playground, Private Entry, Satellite Dish
Pool No
Roof Type Asphalt,Rubber
Porch Porch - Covered
Road Frontage Paved
Building
Foundation Basement
Sewer Sewer at Street
Water Municipal Water
Architectural Style Duplex
Level or Stories 2 Story
Structure Type Brick,Vinyl
Schools
School District Detroit
Others
Pets Allowed Yes
Tax ID W21I000770C4
Ownership Private Owned,Short Sale - No
SqFt Source PRD
Acceptable Financing Conventional
Listing Terms Conventional
Financing Conventional
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Bought with Alexander Real Estate Detroit, LLC