Heather Hosking - Arterra Realty Logo
$3,995,000
 $21,446 est/mo Sourced by Back At You

516 Neff Lane Lane,Grosse Pointe, MI 48230

Grosse Pointe, MI 48230

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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.

Details

MLS #60964783
Listing TypeFor Sale
StyleHouse
Sub-TypeResale
StatusPending
Year1972
Days On Site251
Listing Provided ByPinnacle Plus Realty LLC | Mackenzie Laforest

Features

Bath(s) 20 Total
SQ Feet16,080
BasementY
Story(s)2
Units20
ZoningMulti-Family
Acreage0.97

Interior

Cooling Yes / NoYes
CoolingCentral Air
Heating Yes / NoYes
HeatingForced Air
AppliancesGas Water Heater

Exterior

Exterior FeaturesBalcony
Construction MaterialsBrick
Foundation DetailsBasement

Other

List AorReal Comp

Taxes

Property44052

Area Information

StateMI
CountyWayne
CityGrosse Pointe
Zip Code48230
AreaGrosse Pointe (82335)
Listing VS Median (in 48230)
Price:
$3,995,000
low | high
Med:
$285,000
100% of Average
sqft:
16,080
low | high
Med:
1,463
100% of Average
$ / sqft:
$248
low | high
Med:
$195
71.590299562765% of Average
On site:
251
low | high
Med:
332
75.602409638554% of Average
Sourced by Back At You

Market Activity 48230

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Additional Information

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Learn More About This Property

Heather Hosking

Heather Hosking

Arterra

432975 (586) 489-7725heather.hosking@arterrarealty.com
StateMI
CountyWayne
CityGrosse Pointe
Zip Code48230
AreaGrosse Pointe (82335)
Listing VS Median (in 48230)
Price:
$3,995,000
low | high
Med:
$285,000
100% of Average
sqft:
16,080
low | high
Med:
1,463
100% of Average
$ / sqft:
$248
low | high
Med:
$195
71.590299562765% of Average
On site:
251
low | high
Med:
332
75.602409638554% of Average
Sourced by Back At You
Nearby Listings (Within 1/10 mile)
Price: $2.996M - $4.993M
sqft: 12,000 - 20,000
Nearby Listings Property ImageNearby Listings Details
516 NEFF Lane Lane Property Photo 1
$3,995,000
516 Neff Lane Lane
Grosse Pointe, MI 48230
Listing Updated: August 26, 2026 at 6:23:52 PM PDT