18435 Hoover Street Detroit, MI 48205

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), 4 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 with 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 landing paying all utilities, onsite laundry with two washers and two dryers. Offers due by Thursday, October 6th.