516 NEFF Lane Lane, Grosse Pointe, MI 48230
516 NEFF Lane Lane, Grosse Pointe, MI 48230
516 NEFF Lane Lane, Grosse Pointe, MI 48230
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Alec Applebaum

Alec Applebaum

+1(248) 866-8784
$3,995,000
Est. payment /mo
20 Baths
0.97 Acres Lot
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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

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Listed by Pinnacle Plus Realty LLC

Nearby School & Business

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Alec Applebaum

Alec Applebaum

+1(248) 866-8784

Broker License ID: 6502389085

Broker License ID: 6502389085

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Name

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