UPDATED:
08/09/2024 01:23 PM
Key Details
Property Type Commercial
Sub Type Business And Real Estate
Listing Status Active
Purchase Type For Sale
Square Footage 21,696 sqft
Price per Sqft $23
Subdivision Bessenger & Moore Sub - H. Park
MLS Listing ID 20240032890
Bedrooms 34
Originating Board Realcomp II Ltd
Year Built 1928
Annual Tax Amount $10,829
Lot Size 9,583 Sqft
Acres 0.22
Lot Dimensions 69.10 x 140.00
Property Description
Investing in real estate in Highland Park, MI, presents opportunities for investors to benefit from affordability, potential appreciation, steady rental demand, favorable location, and redevelopment prospects.
This property has been prepared for restoration. Looking for the right investor to take on a new project. There is a lot of opportunity and potential. Commercial storefronts can be used for business or be converted to add additional residential units. SALE OF THIS PROPERTY ALSO INCLUDES A BONUS VACANT LOT ACROSS THE STREET AT 279 RICHTON ST. This allows for future development opportunities to create additional profits and return on investment.
280 Richton St is a four story vacant brick building that includes 34 residential units as well as 4 commercial units on the ground level for a total of 38 units:
Number of 1 Bedroom Units: 30
Number of 2 Bedroom Units: 3
Number of 3 Bedroom Units: 1
Number of Commercial Units: 4
Investing in real estate in Highland Park, MI, can be advantageous for several reasons:
-Compared to nearby areas, real estate prices in Highland Park may be more affordable, offering opportunities for investors to acquire properties at lower costs.
-Potential for appreciation: Highland Park is undergoing revitalization efforts, which could lead to an increase in property values over time as the area develops and improves.
-Rental demand: With its proximity to Detroit and various amenities, Highland Park can attract renters seeking affordable housing options. Investors can capitalize on steady rental demand and potentially achieve attractive rental yields.
Location
State MI
County Wayne
Area Highland Park
Zoning Commercial,Multi-Family
Direction Hamilton Ave & Richton St
Interior
Heating Forced Air
Heat Source Natural Gas
Exterior
Waterfront no
Roof Type Rubber
Road Frontage Paved
Building
Foundation Slab, Basement
Sewer Public Sewer (Sewer-Sanitary)
Water Public (Municipal)
Level or Stories 4-10 Story
Structure Type Brick
Schools
School District Highland Park
Others
Tax ID 43018010040001
Ownership Short Sale - No,Private Owned
Acceptable Financing Cash, Conventional, Trade/Exchange
Listing Terms Cash, Conventional, Trade/Exchange
Financing Cash,Conventional,Trade/Exchange
Special Listing Condition Full Service
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