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Multifamily Colonial Property
18047-18059 Hoover is a colonial 1950 multi-family residence in the Mount Olivet neighborhood of Detroit. The building features masonry foundations and brick siding, and includes 11,840 square feet of living space on a 20,024 square-foot lot. Each of the 16 units offers 1 bedroom and 1 bathroom, along with gas and forced air heating. Additionally, residents have easy access to the nearby Optimist-Parkgrove Playground, a lovely green area with soccer fields and picnic tables for outdoor enjoyment.
Historical and Peaceful
Mount Olivet is a quiet, pedestrian-friendly neighborhood with easy access to daily amenities. The area combines spacious apartment buildings alongside charming colonial and ranch-style homes, many dating back to Detroit’s automotive boom in the ‘20s, ‘30s, and ‘40s. With convenient public transit and access to major roads, residents can easily reach downtown Detroit for entertainment and events like Lions games at Ford Field and the annual Detroit Auto Show at Huntington Place. Residents also enjoy Mount Olivet Cemetery’s historical significance and peaceful presence.
Investment Potential
This multi-family property, listed at $915,120, provides investors with an expected rental income of 9.10% and an interesting chance to invest in a popular and historic neighborhood. The residence also comes with a $16,000 renovation budget for building upgrades, helping to preserve the property’s appeal for the long term. This offering is our latest addition in Mount Olivet, joining 17616 Beland and 18662 Blackmoor. The proximity of these properties helps strengthen our strategy of providing clusters of investments in growing neighborhoods.
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