4531 Horatio Street
Detroit, MI 48210
- – beds
- 4 baths
- 3,696 sqft
- 3,049 sqft lot
- $67 per sqft
- 1923 build
- – on site
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Introducing 4531 Horatio, Detroit, a 4 Unit prime investment opportunity with an attractive cap rate! Priced at $250,000, this well-appointed apartment building features four units, each boasting two bedrooms. With a rental rate of $1,000 per unit, it promises excellent returns for savvy investors. Located amongst newly built single family homes, this property offers convenience and accessibility to I_94, dining, entertainment, and public transportation. The units are approx. 800 sq ft each w/ updated bathrooms and modern features, such as new furnaces, hot water tanks, electrical systems, and plumbing. The recent installation of new vinyl windows enhances both energy efficiency and the building's overall appeal. The property also provides exterior security lighting. Now, let's talk about the numbers. With a purchase price of $250,000 and a rental rate of $1,000 per unit, the cap rate for this investment opportunity is highly favorable, offering a strong return on investment. All 4 furnaces are operational. 1 is new installed w/permit. All 4 water heaters are be working. 2 are new gas heaters, while the older ones are electric. The setup allows for either gas or electric water heaters, with each unit having its own heater. The electrical panels, including 5 in total (1 for each unit and 1 for the house), are labeled with meters. The landlord covers water expenses. New PEX piping has been installed, and the basement is equipped for a washer/dryer. The required number of connected CO Detectors and Smoke detectors are installed, triggering all if one goes off in a bedroom in Apt 2. New LED lights, exit signs, and hallway lights have been installed. Approximately 8 windows were replaced, sourced from Home Depot, to address breakages and faulty installations. Glass block basement windows were installed last year. Water payments are up to date. A LBP Assessment has not been conducted The city is expected to replace the lead water line up to the water meter in the basement at no cost.
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Last updated Apr 22, 2024
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MLS# 20230051865 —
Walk Score®
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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).
Soundscore™
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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 |
|---|---|---|---|---|
|
8/25/23
Aug 25, 2023
|
Sold | REALCOMP | $250,000 | |
|
6/27/23
Jun 27, 2023
|
Pending | REALCOMP | $250,000 | |
|
6/27/23
Jun 27, 2023
|
Sold Subject To Contingencies | REALCOMP | $250,000 | 111.9% (43.8% / YR) |