516 Neff Lane Lane
Grosse Pointe, MI 48230

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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.

Features

• Property Type: Multi Family Home
• Sub Type: Multi Family Home
• Listing Status: Active
• County/Area: Wayne County
• Zip Code: 48230
• Year Built: 1972
• Subdivision/Neighborhood: Grosse Pointe City
• School District: Grosse Pointe
• Basement: Yes
• Lot Size: 0.97 acres
• Accessibility: No Step Entrance
• Construction Materials: Brick
• Cooling: Central Air
• Directions: South on Neff Rd west on st.paul.
• Extras: Laundry Facility
• Gross Income: 371820
• Heat Source: Natural Gas
• Heating: Forced Air
• Lot Features: Cul-De-Sac
• Lot Size Area: 0.97
• Lot Size Square Feet: 42253.2
• Lot Size Units: Acres
• MLS Area Major: Wayne County - 100
• MLS Area Minor: Wayne County - 100
• Main Type: Multi Family
• Operating Expense: 135539
• Parcel Number: 37004990009000
• Road Frontage: 114
• SEV: 805600
• Street Type: Paved
• Tax Annual Amount: 44052
• Tax Legal Description: CYL1 THAT PART OF PRIVATE CLAIM 239 DESCRIBED AS BEGINNING AT A POINT ON THE SLY LINE OF ST PAUL AVE DISTANT ELY 178.80 FT FROM THE ELY LINE OF ST CLAIR AVE AND PROCEEDING TH SLY ON A LINE PARALLEL TO THE ELY LINE OF ST CLAIR AVE 437.89 FT TH ELY PAR ALLEL TO THE NLY LINE OF MAUMEE AVE 114.20 FT TH NLY ON A LINE PARALLEL TO THE ELY LINE OF ST CLAIR AVE 436.72 FT TO THE SLY LINE OF ST PAUL AVE TH W
• Total Approx Sq Ft All Bldgs: 16080
• Total Num Units: 20
• Township: Grosse Pointe City
• Water Source: Public