1055 Philip Street
Detroit, MI 48215
Map
- – beds
- 20 baths
- 11,949 sqft
- $77 per sqft
- 1928 build
- – on site
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.
Last checked:
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Last updated Jun 13, 2025
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MLS# 20240088848 —
The Building
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Year Built:1928
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New Construction:false
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Construction Materials:Brick
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Architectural Style:Other
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Levels:Story4to10
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Basement:Unfinished
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Basement:true
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Foundation Details:Basement, BrickMortar
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Above Grade Finished Area:11949.0
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Below Grade Total Area:3983
Interior
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Fireplace:false
Room Dimensions
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Living Area:11949.0
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Living Area Source:PublicRecords
Location
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Directions:N of Jefferson Ave E/E of Connor St
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Cross Street:N of Jefferson Ave E/E of Connor St
The Property
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Parcel Number:W21I060751S
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Property Type:ResidentialIncome
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Property Subtype:MultiFamily
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Lot Size Acres:0.15
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Lot Size Area:0.15
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Lot Size Dimensions:60.00 x 112.00
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Lot Size Units:Acres
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Zoning Description:Multi-Family
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Road Frontage Feet:60
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Road Frontage Type:Paved
Listing Agent
- Contact info:
- Agent phone:
- (586) 580-8092
- Office phone:
- (586) 580-8092
Taxes
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Tax Legal Description:W PHILIP 22&21 POINTE VIEW JOS S VISGER & EDGAR J HITCHINGS SUB L17 P87 PLATS, W C R 21/302 60 X 112
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Tax Assessed Value:33279
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Tax Annual Amount:2975.0
Baths
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Total Baths:20
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Full Baths:20
Heating & Cooling
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Heating:ForcedAir, NaturalGas
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Heating:true
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Cooling:false
Utilities
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Sewer:PublicSewer
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Water Source:Public
Schools
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High School District:Detroit
The Community
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Subdivision Name:POINTE VIEW JOSEPH S VISGER & EDGAR J HITCHINGS
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Senior Community:false
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Pool Features:None
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Waterfront:false
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Pets Allowed:Call
Parking
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Attached Garage:false
IDX provided courtesy of Realcomp II Ltd., via Estately and Realcomp II Ltd, © 2025 Realcomp II Ltd. Shareholders
Estately Inc. is a Michigan licensed brokerage #6505374810, managed by Michigan licensed REALTOR® broker Darren Yearsley #6505374810.
IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
IDX provided courtesy of Realcomp II Ltd. via Estately Inc. and REALCOMP. ©2025 Realcomp II Ltd. Shareholders.
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
|
3/18/25
Mar 18, 2025
|
Price Changed | REALCOMP | $925,000 | -2.6% |
|
11/27/24
Nov 27, 2024
|
Listed / Active | REALCOMP | $950,000 |
