15521-15523 Mack, Detroit, MI 48224 – Vacant Mixed Use Apartment Across from Grosse Pointe – Mack Ave Corridor – Asking $695,000
Summary and Ideas:
- Two front units: The potential cash flow from two, three, or four commercial units may be higher than converting the space into two- or three-bedroom residential units.
- Commercial concept: One unit could combine a laundromat with a coffee and bakery shop, allowing customers to do laundry while relaxing, working, or having coffee.
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Medium-term rentals: The four front-facing units on the second floor—or potentially eight units across the first and second floors—could be operated as medium-term rentals for visitors associated with Stellantis, nearby hospitals, corporate assignments, and local events. A private basement lounge with card-reader access could also be provided for these tenants.
- Tax incentives: Depending on the final redevelopment and rental plan, the property may qualify for programs such as the Neighborhood Enterprise Zone incentives or MSHDA’s Housing Tax Increment Financing program. These programs could provide meaningful tax benefits, subject to eligibility, municipal approval, and program requirements.
- Phased occupancy: The building includes the addresses 15521 and 15523 Mack Avenue. One possible approach would be to complete the first group of eight apartment units and work with the City to obtain a temporary or partial certificate of occupancy. The remaining eight units, the lower-level residential unit, and the commercial or two- to three-bedroom flex spaces could then be completed in phases.
- Investment strategy: The figures and projections below are based on a fully renovated property. Subject to the completed value, appraisal, and lender requirements, an investor may be able to refinance at approximately 65% to 70% of the after-repair value. This could return a substantial portion of the invested capital and significantly improve the investor’s cash-on-cash return.
ADDRESS: 15521-15523 Mack, Detroit, MI 48224
Call (248) 422-1003 to book a walk through.
Buyer is responsible to pay all buyer and seller closing costs. Sold as-is. Buyer to verify all information and perform due diligence. $2500 EMD. Contact us today to schedule a walk through.
