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516 Neff Lane Lane

Grosse Pointe, Michigan 48230

$3,995,000 $16,843/Mo

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Overview

Bed

Bath

16,080

Sqft

0.97

Acre(Lot)

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.

Property Details

Property Type : Multifamily

Price : $3,995,000

AD Id : 74370274

MLS Id : 20261004006

Beds : 40

Lot Size : 0.97 Acre

Living Area Size : 16,080

Year Built : 1972

Garage : Assigned,Carport

County : Wayne

Map

What's Nearby

Nearby Areas

Features

Bathroom Information

Total Baths: 20 Full Baths: 20
Room Information

Porches: Balcony

Interior Features

Smoke Alarm,Carbon Monoxide Alarm(s),Egress Window(s),Entrance Foyer,Laundry Facility Roof: Asphalt Basement Description: Unfinished
Heating & Cooling

Cooling: Central Air Heating: Forced Air Heating Fuel: Natural Gas

Water Heater

Natural Gas

Building Information

Year Built: 1972 Building Stories: 2 Story Total Units: 20 Roof: Asphalt Foundation/Basement: Basement Architecture: Upper/Lower Apartment
Exterior Features

Lighting Construction: Brick
Utility Features

Sewer: Sewer (Sewer-Sanitary)
Water

Public (Municipal) Water Heat: Natural Gas

Lot Information

Lot Size: 0.97 Lot Dimensions: 114.20 x 437.00 Frontage Feet: 114
Property Information

SQ ft: 16080 Financing: Cash,Conventional

Listing Price Information

Original List Price: $3,995,000
Listing Information

Possession: At Close Legal Description: CYL1 THAT PART OF PRIVATE CLAIM 239 DESCRIBED AS BEGINNING AT A POINT ON THE SLY LINE OF ST PAUL AVE DISTANT ELY 178.80 FT FROM THE ELY LINE OF ST CLAIR AVE AND PROCEEDING TH SLY ON A LINE PARALLEL TO THE ELY LINE OF ST CLAIR AVE 437.89 FT TH ELY PAR ALLEL TO THE NLY LINE OF MAUMEE AVE 114.20 FT TH NLY ON A LINE PARALLEL TO THE ELY LINE OF ST CLAIR AVE 436.72 FT TO THE SLY LINE OF ST PAUL AVE TH WLY ALONG SAID SLY LINE 114.20 FT TO THE POB EXCEPT THE ELY 22 FT OF THE WLY 24 FT OF THE NLY 350 FT T HEREOF 0.97 ACRE K 429.48

Tax Information

Annual Tax: $44,052 Parcel Number: 37004990009000
Possession

At Close
Legal Information

Legal Description: Section: CYL1 THAT PART OF PRIVATE CLAIM 239 DESCRIBED AS BEGINNING AT A POINT ON THE SLY LINE OF ST PAUL AVE DISTANT ELY 178.80 FT FROM THE ELY LINE OF ST CLAIR AVE AND PROCEEDING TH SLY ON A LINE PARALLEL TO THE ELY LINE OF ST CLAIR AVE 437.89 FT TH ELY PAR ALLEL TO THE NLY LINE OF MAUMEE AVE 114.20 FT TH NLY ON A LINE PARALLEL TO THE ELY LINE OF ST CLAIR AVE 436.72 FT TO THE SLY LINE OF ST PAUL AVE TH WLY ALONG SAID SLY LINE 114.20 FT TO THE POB EXCEPT THE ELY 22 FT OF THE WLY 24 FT OF THE NLY 350 FT T HEREOF 0.97 ACRE K 429.48

Unit 2 Information

# of Bedrooms: 20

School Information

School District: Grosse Pointe
Utility Information

Water: Public (Municipal) Sewer: Sewer (Sewer-Sanitary)

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Nearby Home Value

Address	Estimate	Bed	Bath	Sq. Ft	Lot Size
296-298 Rivard Boulevard , Grosse Pointe, MI, 48230	$400,000	--	2	2,196	2,196 SqFt
451 Saint Clair Avenue , Grosse Pointe, MI, 48230	$414,000	--	2.5	2,154	2,154 SqFt
943 Harcourt Road , Grosse Pointe, MI, 48230	$615,000	--	3.5	4,666	4,666 SqFt
1123 Wayburn Street , Grosse Pointe, MI, 48230	$375,000	4	2	2,052	2,052 SqFt

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Disclosure: The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. IDX provided courtesy of Realcomp II Ltd., via ByOwner.com and REALCOMP, Copyright 2026 Realcomp II Ltd. Shareholders. REALTOR (R) licensed in the state of Michigan. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed and to participants of any data share partner MLS.

ByOwner last updated this listing 06/11/2026 @ 06:58

MLS: 20261004006 LISTED BY: Mackenzie Laforest , Pinnacle Plus Realty LLC 248-893-7795 SOURCE: Realcomp II Ltd