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242 E Palmer Unit 1 & 2, Detroit, MI, 48202

$337,500

Home List Price

$4,008*

Closing Credit

3 Bedrooms
2 Full Baths
1,984 SqFt
$170/SqFt
Condo

Location

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242 E Palmer Unit 1 & 2, Detroit$337,500

Buyer Closing Credits

$4,008*

1.25% Loan Amount

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Property Highlights

Home TypeCondominium
Year Built1920
HeatingForced Air
CoolingCentral Air
MLS #24039800
Lot Size0.20 Acres
StatusActive

About 242 E Palmer Unit 1 & 2

Welcome to Midtown Art Center! Embrace the artsy side of Midtown, where you can walk to the Detroit Institute of Arts (DIA), Wayne State University, CCS, the public library, and the historical museum, while enjoying the tranquility of a true residential neighborhood. This original brick building blends Craftsman and Loft styles and features two garden-level condominiums, currently joined into one expansive living space. Easily revertible to two distinct units, this property offers flexibility and charm. Perfect for an artist's studio or a student investment property! Live in one unit and rent the other out! The main living area of the primary residence includes a welcoming living room, dining area, and a fully equipped kitchen. It features a large bedroom with a washer/dryer and a smaller bedroom used as a home office. A connecting entryway leads to the second unit with a versatile bonus room, currently an art studio with a kiln, plus a bedroom, bathroom, partial kitchen, and washer/dryer hookup. Enjoy easy access to shopping, dining, the Q-Line, and major freeways, along with the NEZ-homestead property tax abatement ensuring long-term financial advantages. Don't miss this chance to own a unique property in Midtown Art Center, offering modern convenience and urban living at its finest.

Property Details

Property Features

Property Information:

  • Architectural Style: Ranch
  • Year Built: 1920
  • Stories: 1
  • Living Area: 1,984 SqFt

Listing Office:

  • Office Name: Howard Hanna
  • Office Phone: (734) 761-6600
  • Listing Agent: Stephanie Hale

Interior Features

Interior Information:

  • Appliances: Dryer, Washer, Disposal, Dishwasher, Microwave, Range, Refrigerator
  • Basement: No
  • Interior: Kitchen Island

Bedroom and Bathroom Information:

  • Full Bathrooms: 2
  • Total Bedroom Count: 3

Lot Features

Lot Information:

  • Lot Size: 0.20 Acres

Utilities

Utilities Information:

  • Heating: Forced Air
  • Cooling: Central Air

Other

Directions Information:

  • Directions: Located on Palmer Between John R and Brush

Price Information

Listing Price Info

Price Summary:

  • List Price: $337,500
  • Price Per SqFt: $170/SqFt

HOA Fees:

  • Amount: $570
  • Frequency: Monthly
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Housing Market Comparison

See how this home compares to others in Detroit, MI.

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Detroit, MI

City

Med. Sold Price

$85K

Med. Price/SqFt

$72

Avg. Days On Market

51

# of Sold Homes

387

242 E Palmer Unit 1 & 2 vs Detroit

57 DAYS ON ROCKET

+6 Days

$337,500

+$252.5K More

$170/SqFt

+$97 More

KEY TAKEAWAY

This property is $252.5K more than the Median Sold Price and $97/SqFt more than other homes in Detroit, MI.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: Michigan Regional Information Center (MichRIC)
  • MLS Number: #24039800

Listing Office:

  • Office Name: Howard Hanna
  • Office Phone: (734) 761-6600
  • Listing Agent: Stephanie Hale

Broker Reciprocity Disclaimer: Information deemed reliable, but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor this broker shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program of MichRIC, LLC. Real estate listings held by brokerage firms other than this broker are marked with the BR logo and detailed information includes the name of the listing broker. Copyright 2024 Grand Rapids Association of REALTORS® / Copyright © MichRIC, LLC. / MLS Exchange Inc. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 9/28/2024, 11:20:54 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

We're sorry, we currently don't have sales or tax history data for this listing.

Payment Calculator

$2,322

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$1,078

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NMLS#3030

Schools

Schools Nearby

The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.

Nearby Schools

school-card-donut-1289454
2
/10

  • University Preparatory Academy (Psad) Elementary School

  • 435 Amsterdam St

  • 0.47 miles

  • Public Charter Grades KG-5

school-card-donut-1289455
1
/10

  • University Preparatory Academy (PSAD) Elementary School

  • 957 Holden St

  • 0.65 miles

  • Public Charter Grades KG-5

school-card-donut-1289456
7
/10

  • The James and Grace Lee Boggs School

  • 4141 Mitchell St

  • 1.61 miles

  • Public Charter Grades KG-4

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $34,063. The most common annual income of people living in Detroit, MI is less than $35k. Most families are single, no kids. Most residents in this area have post secondary degree education.

All data provided by Home Junction and Claritas

Frequently Asked Questions About 242 E Palmer Unit 1 & 2

What is the listing price of this property?

The listing price of 242 E Palmer Unit 1 & 2 property is $337,500.

What type of property is this?

The property 242 E Palmer Unit 1 & 2 is a condo located in Detroit, Michigan, 48202.

Is this property for sale now?

Active Listing: 242 E Palmer Unit 1 & 2 is For Sale (Active/New) which means the seller is accepting offers.

How many bedrooms and bathrooms does this property have?

The property at 242 E Palmer Unit 1 & 2 has 3 bedrooms and 2 bathrooms.

What is the square footage of this property?

The property 242 E Palmer Unit 1 & 2 is 1,984 SqFt (source: MLS/tax record).

Which year was this property built?

The year of construction for 242 E Palmer Unit 1 & 2 is 1920.

Rocket Homes›Michigan›Wayne County›Detroit›48202›242 E Palmer Unit 1 & 2

This home is located at 242 E Palmer Unit 1 & 2 in Detroit, MI and zip code 48202 in the Downtown neighborhood. This 1,984 square foot home, which was built in 1920, sits on a 0.20 acre lot. Features: 3 bedrooms, 2 bathrooms. It has been listed on Rocket Homes since August 01, 2024 and is currently priced at $337,500.

In August 2024 more than 104 listings in Detroit, MI were sold above the asking price. During the same period more than 74 listings were sold at asking price, while more than 209 were sold below. The number of homes for sale in Detroit, MI increased by 12.2% between July 2024 and August 2024. Listings spent 51 days on the market in August 2024, and had a median list price of $85,000 during the same period.

From Rocket Homes Real Estate and based on county public records data.

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