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.

Vincent Mazzola
313 704 2678
vincent@oconnordetroit.com