8 months on rocket

3931-51 Mcgraw St, Detroit, MI, 48208

$650,000

Home List Price

$7,719*

Closing Credit

27 Full Baths
24,255 SqFt
$27/SqFt
Multi

Location

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3931-51 Mcgraw St, Detroit$650,000

Buyer Closing Credits

$7,719*

1.25% Loan Amount

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Property Highlights

Home TypeMulti Family
Year Built1920
HeatingBaseboard, Natural Gas
BasementYes
MLS #20240020791
Lot Size0.38 Acres
StatusActive

About 3931-51 Mcgraw St

AMAZING REDEVELOPMENT OPPORTUNITY ON THIS 27 UNIT BUILDING IN THE GRAND BLVD/ MCGRAW CORRIDOR. WEST OF WAYNE STATE, WOODBRIDGE, NW GOLDBERG AND SOUTH OF CORKTOWN. MANY DEVELOPMENTS PLANNED IN THE AREA. THE BUILDING NEEDS A FULL REHAB. GREAT UNIT MIX AND GENEROUS APARTMENTS SIZES. ADDITIONAL SPACE IN THE LOWER LEVEL TO ADD UNITS. SELLER HAS PLANS FOR AN ADDITIONAL NEW 38 UNIT BUILDING AND SEVERAL TRI PLEXES NEXT DOOR. Expenses estimated at 6% mgmt fee = $19,872. Taxes $20,000. Insurance $15,000. Rehab estimated at $1 Million. Total $1,675 Million (16.7 Cap)

Property Details

Property Features

Property Information:

  • Architectural Style: CommonEntryBuilding
  • Year Built: 1920
  • Living Area: 24,255 SqFt

Listing Office:

  • Office Name: Re/Max Connection
  • Office Phone: (248) 505-2509
  • Listing Agent: Philip V Lang

Interior Features

Interior Information:

  • Basement: Yes

Bedroom and Bathroom Information:

  • Full Bathrooms: 27

Exterior Features

Parking Information:

  • Attached Garage: No

Lot Features

Lot Information:

  • Lot Size: 0.38 Acres

Utilities

Utilities Information:

  • Heating: Baseboard, Natural Gas

Other

Directions Information:

  • Directions: EAST OFF GRAND BLVD

Price Information

Listing Price Info

Price Summary:

  • List Price: $650,000
  • Price Per SqFt: $27/SqFt
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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

$67

Avg. Days On Market

49

# of Sold Homes

396

3931-51 Mcgraw St vs Detroit

263 DAYS ON ROCKET

+214 Days

$650,000

+$564.9K More

$27/SqFt

-$41 Less

KEY TAKEAWAY

This property is $564.9K more than the Median Sold Price and $41/SqFt less than other homes in Detroit, MI.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: Realcomp II Ltd
  • MLS Number: #20240020791

Listing Office:

  • Office Name: Re/Max Connection
  • Office Phone: (248) 505-2509
  • Listing Agent: Philip V Lang

IDXDisclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.

IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited.

IDX provided courtesy of Realcomp II Ltd. Copyright © 2024 Realcomp II Ltd. Shareholders. All rights reserved. Originating MLS shown with each listing detail.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 12/22/2024, 3:21:03 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.

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$3,312

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Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$2,015

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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-861381
6
/10

  • Miller Elementary School

  • 4824 Lois St

  • 0.94 miles

  • Public District Grades PK-5

school-card-donut-861382
7
/10

  • Iris Becker Elementary School

  • 10821 Henson St

  • 0.96 miles

  • Public District Grades PK-5

school-card-donut-861383
2
/10

  • Academy for Business and Technology Elementary School

  • 5277 Calhoun St

  • 1.02 miles

  • Public Charter Grades KG-5

All data from GreatSchools

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $32,616. The majority of Detroit, MI residents have income less than $35k annually. The majority of families are married, with kids. The most common level of education of people living in this area is high school diploma.

All data provided by Home Junction and Claritas

Rocket Homes›Michigan›Wayne County›Detroit›48208›3931-51 Mcgraw St

This home is located at 3931-51 Mcgraw St in Detroit, MI and zip code 48208 in the Near West neighborhood. This 24,255 square foot home, which was built in 1920, sits on a 0.38 acre lot. Features: 27 bathrooms. It has been listed on Rocket Homes since April 02, 2024 and is currently priced at $650,000.

Over 94 listings were sold over their listed price in November 2024 in Detroit, MI. In the same period over 247 listings were sold below the listed price and 55 listings were sold for the listed price. Between October 2024 and November 2024, Detroit, MI real estate market has seen increase in the number of listings by 2%. Listings spent 49 days on the market in November 2024, and had a median list price of $85,016 during the same period.

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

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