MI > Detroit > Mi
Detroit, MI 48215 2851,1055 PHILIP Street
Detroit, MI 48215 2851,1055 PHILIP Street
Detroit, MI 48215 2851,1055 PHILIP Street
Detroit, MI 48215 2851,1055 PHILIP Street
Detroit, MI 48215 2851,1055 PHILIP Street
Detroit, MI 48215 2851,1055 PHILIP Street
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Shawn Murphy, GRI, SRES

Shawn Murphy, GRI, SRES

+1(888) 983-2544
$ 925,000
Est. payment | /mo

20 Baths

11,949 SqFt

Save
$ 925,000
Est. payment | /mo
Save

20 Baths

11,949 SqFt

Key Details

Property Type Multi-Family

Sub Type Multi-Family

Listing Status Active

Purchase Type For Sale

Square Footage 11,949 sqft

Price per Sqft $77

Subdivision Mi

MLS Listing ID 60357070

Full Baths 20

Year Built 1928

Annual Tax Amount $2,975

Lot Size 6,534 Sqft

Acres 0.15

Lot Dimensions 60.00 x 112.00

Property Sub-Type Multi-Family

Property Description

1055 Philip St is a 20-unit multifamily investment opportunity located between Grosse Pointe Park and Jefferson Chalmers. This building includes 19 one-bedroom units and 1 two-bedroom unit. With area rental comps supporting $800 to $1,000 per one-bedroom unit, the property offers a projected gross monthly income between $16,000 and $20,000. Using a conservative estimate of $18,000/month, the annual gross income is $216,000. After estimated expenses, this property can deliver a cap rate of approximately 8–9%, with additional income potential from on-site coin-operated laundry. The property features a newer front roof, individually metered units for tenant-paid utilities, wall furnaces in each unit, and an existing radiator system that provides an alternative heating option if desired. Tenants benefit from side parking and a shared downstairs storage area that could be rented out for additional revenue. Public transportation is easily accessible, with a bus station just steps away on E Jefferson Ave, making for a quick 12-minute commute to Downtown Detroit. This property is strategically positioned near major development, including the $45 million Schaap Center for the Performing Arts expansion in Grosse Pointe Park. Whether you’re a seasoned investor or entering the multifamily space, 1055 Philip offers strong cash flow, upside potential, and a prime location within Detroit’s east-side resurgence.

Location

State MI

County Wayne

Area Detroit (82001)

Zoning Multi-Family

Interior

Heating Forced Air

Fireplace No

Exterior

Exterior Feature Brick

Building

Foundation Basement

Water Public Water

Structure Type Brick

Schools

School District Detroit City School District

Others

Ownership Private

Assessment Amount $100

Energy Description Natural Gas

Financing Cash,Conventional

MiRealSource (MI RealSource (Lenawee /Saginaw/SE-Border/Gr Shiawassee/Upper Peninsula)
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by REALTEAM Real Estate
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"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(888) 983-2544

srmurphy@ferndalerealty.com

6230 Highway 65 NE, Minneapolis, MN, 55432, USA

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1055 PHILIP Street