18435 Hoover Street Sold

18435 Hoover Street is a 16-unit multifamily apartment building located in the Denby neighborhood in northeast Detroit in Wayne County.

Built in 1957, the brick masonry building features 12 one-bedroom units (600 square feet), four two-bedroom units (650 square feet) and a classic low-rise, mid century-style courtyard with balconies and patio areas. Rent includes one parking space per unit plus guest parking. The building is 100% occupied with Section 8 tenants and sits on .28 acres of landscaped grounds with green areas, concrete walkways and shrubbery. The roof and windows were replaced in 2018, and the units underwent a full renovation in 2022, including new kitchens, electric baseboard heating, electrical, carpets and flooring. Offered at 10.7% cap rate, 18435 Hoover Street is an opportunity for investors to acquire a fully stabilized asset at an attractive price point. Rents range from $925-$1,100 with landlord paying all utilities, plus onsite laundry with two washers and two dryers.

Property tours will be Tuesday, September 27th from at Noon.