35
See all 35 photos
$3,995,000
Est. payment /mo
20 Baths
0.97 Acres Lot
Pending
516 NEFF Lane Lane Grosse Pointe, MI 48230
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Key Details
Property Type Multi-Family
Listing Status Pending
Purchase Type For Sale
Municipality Grosse Pointe City
Subdivision Grosse Pointe City
MLS Listing ID 20261004006
Year Built 1972
Annual Tax Amount $44,052
Lot Size 0.970 Acres
Acres 0.97
Lot Dimensions 114.20 x 437.00
Source Realcomp
Property Description
Exceptional opportunity to acquire a well-located 20-unit multifamily asset in the heart of Grosse Pointe, one of Metro Detroit's most desirable and supply-constrained rental markets. This stabilized community offers immediate cash flow with significant upside through continued rent growth and value-add execution.The property features a strong unit mix with spacious floor plans, well-maintained interiors, and a history of high occupancy. Current ownership has completed substantial capital improvements in recent years, including renovations to a portion of the units, allowing a new owner to continue implementing a proven renovation and rent-increase strategy.Situated in a premier residential setting near the waterfront, top-rated schools, retail, dining, and major employment corridors, the property benefits from consistent tenant demand and long-term market stability. Grosse Pointe's limited multifamily inventory and strong demographic profile create a compelling environment for sustained rental growth and asset appreciation.With in-place income, professional management history, and clear value-add potential, this offering is ideal for investors seeking a stabilized asset with both immediate yield and long-term upside in a premier suburban market.
Location
State MI
County Wayne
Zoning Multi-Family
Direction South on Neff Rd west on st.paul.
Interior
Heating Forced Air
Cooling Central Air
Exterior
View Y/N No
Handicap Access No Step Entrance
Building
Lot Description Cul-De-Sac
Water Public
Structure Type Brick
Schools
School District Grosse Pointe
Others
Tax ID 37004990009000
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Listed by Pinnacle Plus Realty LLC