248 Richter Street

Beds
3,691 Sq. Ft.
$87 / Sq. Ft.
3,691
Sq. Ft.
$87
per Sq. Ft.

Description

Rare opportunity to own a fully occupied 6-unit multifamily investment property in the heart of River Rouge, conveniently located near Belanger Park and the Detroit Riverfront. This unique ranch-style, single-story apartment building offers a highly desirable layout with no upper or lower units - a major advantage for both tenants and investors due to ease of maintenance, accessibility, and strong long-term rental appeal. The property features four spacious 2-bedroom units and two 1-bedroom units,...Rare opportunity to own a fully occupied 6-unit multifamily investment property in the heart of River Rouge, conveniently located near Belanger Park and the Detroit Riverfront. This unique ranch-style, single-story apartment building offers a highly desirable layout with no upper or lower units - a major advantage for both tenants and investors due to ease of maintenance, accessibility, and strong long-term rental appeal. The property features four spacious 2-bedroom units and two 1-bedroom units, each with its own private bathroom. All six units are occupied and generating approximately $55,200 annually in gross rental income with an estimated net operating income of approximately $43,000 per year. Tenants are responsible for their own gas and electric utilities, helping keep owner expenses lower and improving overall investment performance. For investors analyzing returns, the numbers make sense and offer an attractive cap rate opportunity depending on financing structure and purchase price. Situated on a prominent corner lot, the property also includes on-site parking. This is an excellent opportunity for investors seeking immediate cash flow, stable occupancy, and a low-maintenance multifamily asset with upside potential. Please do not disturb tenants. Property is being sold as-is. Buyer to verify all information and measurements.
  1. Listed by Mike Ayoub • RE/MAX Team 2000
    P: (313)-561-0900 mayoubremax@yahoo.com

Property Details for 248 Richter Street

Architectural Style
1 Story
Subdivision Name
Hoods Sub
Waterfront
No
Zoning Description
Multi-Family
LISTING UPDATED: 05/12/2026 10:40 AM

Property Details for 248 Richter Street

StatusActive
MLS #60988186
Days on Market13
Taxes$5,089 / year
HOA Fees-
Condo/Co-op Fees-
Property TypeMulti Family
MLS TypeResidential Income / Multi Family
Year Built1957
Lot Size0.14 AC / 6,098 SF
CountyWayne County

Location

Listing Courtesy of RE/MAX Team 2000
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Building Information for 248 Richter Street

Stories1Residences6Year Built1957Building Size-Lot Size0.14 AC / 6,098 SF

Payment Calculator

$2,018 per month

30 year fixed, 6.36% Interest

Principal and Interest

$1,594

Property Taxes

$424

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

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Property Information for 248 Richter Street

Summary
Location and General Information
  • Cross Street: Marion & W Jefferson
  • Directions: Richter between Oak and Pine
  • Latitude: 42.26883
  • Longitude: -83.128486
  • MLS Area Major: River Rouge (82144)
Taxes and HOA
  • Parcel Number: 50005060048000
  • Tax Annual Amount: $5,089.00
Property
Lot Information
  • Lot Size Acres: 0.14
  • Road Surface Type: Paved
Property and Assessments
  • Above Grade Finished Area: 3691.0
  • Building Area Total: 3691.0
  • Custom 2: Yes
  • Property Sub Type: Multi Family
  • Property Type: Residential Income
  • Raw Mls Bathrooms Total: 6.0
  • Raw Mls Lot Size: 60X100
  • Raw Mls Modification Timestamp: 04-29-2026 03:57:13 PM
  • Raw Mls Photos Change Timestamp: 04-29-2026 02:10:13 PM
  • Raw Mls Photos Count: 4
  • Raw Mls Property Sub Type: Multi-Family
  • Raw Mls Stories Total: 1.0
  • Year Built: 1957
Building Features
  • Construction Materials: Brick
  • Foundation Details: Slab
  • Stories Total: 1
Utilities
  • Utilities: Natural Gas Available
  • Water Source: Public
Interior and Exterior Features
Interior Features
  • Basement: No
  • Bathrooms Full: 6
  • Bathrooms Total Integer: 6
  • Fireplace: No
  • Heating: Forced Air, Natural Gas
  • Heating: Yes
Multi Family
Multi Family Information
  • Number Of Units Total: 6
Income & Expenses
  • Net Operating Income: $43,000

Property History for 248 Richter Street

DateEvent & SourcePriceAppreciation
Apr 29, 2026

Listed (Active)

MiRealSource #60988186

$319,900
Dec 22, 2021

Sold (Public Record)

Public Record #1482658580

$160,000
DateEvent & SourcePrice
04/29/2026

Listed (Active)

MiRealSource #60988186

$319,900
12/22/2021

Sold (Public Record)

Public Record #1482658580

$160,000

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 248 Richter Street

Taxable ValueLand-Additions-Total-
Tax Record2023$5,251 ($438 / month)
Home Facts
Total Finished SqFt3,691 SqFtAbove Grade Finished SqFt3,691 SqFtStories1Lot Size6,098 SqFtStyleMulti-Family Dwelling (2-4)Year Built1957ZoningB2 GENCountyWAYNEAPN50 005 06 0048 000

Schools near 248 Richter Street

This home is within River Rouge, School District Of The City Of.
Rating
School
Type
Grades
Distance
Public - PK to 5
Public - 6 to 8
Public - 9 to 12
Public - PK to 8
Rating
School
Distance
Ann Visger K-5 Preparatory Academy
PublicPK to 5

Cb Sabbath 6-8 Preparatory Academy
Public6 to 8

River Rouge High School
Public9 to 12

River Rouge Stem Academy at Dunn
PublicPK to 8

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

248 Richter Street is a multi-family home for sale in River Rouge, MI 48218. This property was listed for sale on April 29, 2026 by RE/MAX Team 2000, it's currently listed at $319,900. It has been on the market for a total of 13 days and was last sold on December 22, 2021. This listing's school district is River Rouge, School District Of The City Of. Nearby schools include Ann Visger K-5 Preparatory Academy, Cb Sabbath 6-8 Preparatory Academy and River Rouge High School. 248 Richter Street is a 0-bed, 6-bath, 3,691 sqft multi-family home built in 1957.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of RE/MAX Team 2000

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