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Jenn Smart

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516 Neff Ln , Grosse Pointe, MI 48230
$3,995,000
Est. Payment: $20,818.50/mo
0 Bed
20 Bath
16080 Sqft
Status: pending | Days on site: 161
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VCR-C15903466 - VCR-C159091383,VCR-C159052275
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House 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.

Highlights

Listed by Mackenzie Laforest , 734-210-3789 Pinnacle Plus Realty LLC , 248-893-7795. MiRealSource, Inc. mls logo

Property Type

Multi-Family

Lot/Acreage
0.97

Year Built

1972

County

Wayne

Area

Grosse Pointe (82335)

School District

Grosse Pointe Public Schools

Listing ID

60964783

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Interior Features

Bedrooms and Bathrooms
  • Bedrooms:0
  • Bathrooms:20
  • Full Bathrooms:20
Air Cond:Central A/C
Fireplaces:
Above Ground Sq Ft:16080
Basement:Block,Egress/Daylight Windows
Water:Public Water

Exterior Features

Lot Dimensions:114.20 x 437.00
Zoning:Multi-Family
Others:
  • Additional:Exterior Balcony
Principal Interest
$20,819
Taxes
$3,671

Home Price

$3,995,000

Loan Details

30 yrs
6.792%

Down Payment

20%
$799,000
All calculations are estimates and provided by Blueroof360. Today’s Rates provided by Blueroof360. Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Monthly Price:
$20,818.50

Principal

Taxes

Principal Taxes HOA Total
Monthly $20,818.50 $3,671.00 $0.00 $24,489.50
Yearly $249,822.01 $44,052.00 $0.00 $293,874.01
Total $7,494,660.24 $1,321,560.00 $0.00 $8,816,220.24
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So-Crates Johnson
Dust, Wind, Dude
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Market insight data is pulled from the same city as the listing being viewed (Grosse Pointe, MI).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.

The information published and disseminated by MiRealSource is communicated verbatim, without change by MiRealSource, as filed with MiRealSource by its members. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.

Copyright 2026 MiRealSource. All rights reserved. The information provided hereby constitutes proprietary information of MiRealSource, Inc. and its shareholders, affiliates and licensees and may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording, scanning or any information storage and retrieval system, without written permission from MiRealSource, Inc.

Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.

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Data last updated: 2026-09-02T03:11:55.100Z

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