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$434,000

For Sale - Active
15501 E Jefferson Ave, Grosse Pointe Park, MI 48230
3 Beds
3 Baths
3,118 Square Feet
0.21 Acres Lot
Built in 1949
For Sale - Active
Units n/a
Checked: 23 hours ago
Updated: Aug 25, 2025 at 10:04AM

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$498
Cap Rate
4.8%
Cash-on-Cash Return
-6.0%
Debt Coverage Ratio
0.78
Internal Rate of Return (5 years)
-1.8%

Property Description


0.21 Acres Lot
Built in 1949
For Sale - Active
Units n/a

Welcome to 15501 E Jefferson Ave. in the heart of Grosse Pointe Park! This stately and spacious residence blends timeless charm with modern comfort. From the grand entryway to the elegant living spaces, every detail reflects classic craftsmanship. Located just moments from vibrant shops, dining, and the lakefront, this home also offers exclusive access to the coveted amenities of Windmill Pointe Park. Best of all, take advantage of an assumable loan at an incredible 3.25% interest rate - a rare opportunity in today's market! Don't miss your chance to own a true gem in one of Metro Detroit's most sought-after communities.

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Location


Property Details


Parking

  • Description: Garage
  • Details: Garage Faces Front, Attached, Concrete, Paved
  • Garage Spaces: 2
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 3.0

Interior Features

  • # of Rooms: 9
  • # of Stories: 1
  • Basement: Yes
  • Basement Description: Full, Finished
  • Fireplace: Yes

Exterior Features

  • Roof Material: Shingle

Land Information

  • Land Use: Residential
  • Land Use Subtype: Single Family Residential

Lot Information

  • Parcel ID: 39008080165001
  • Lot Size: 9278 sqft

Property Information

  • Property Type: Single Family Residence
  • Year Built: 1949

Tax Information

  • Annual Tax: $0

Utilities

  • Water & Sewer: Public
  • Heating: Natural Gas, Forced Air, Wall Furnace, Wood Stove
  • Cooling: Ceiling Fan(s), Central Air

Location

  • County: Wayne

Listing Details


Listed by:
Lexxus Glaze-Beeman
The Charles Reinhart Company
(734) 686-1585

Source:
Southwestern Michigan Association of REALTORS
MLS#: 25024699
Southwestern Michigan Association of REALTORS

Investment Summary


Potential Missing Expenses

We noticed that property taxes are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$498
Cap Rate
4.8%
Cash-on-Cash Return
-6.0%
Debt Coverage Ratio
0.78
Internal Rate of Return (5 years)
-1.8%

Purchase Details

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Purchase price:
$434,000
Amount financed:
-$347,200
Down payment:
$86,800
Closing costs:
$13,020
Rehab costs:
$0
Initial cash invested:
$99,820
Square feet:
3,118
Cost per square foot:
$139
Monthly rent per square foot:
$0.80

Financing Details

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Loan amount:
$347,200
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.625%
Principal & interest:
$2,223
Property tax:
$0
Insurance:
$175
Private mortgage insurance (PMI):
$0
Monthly payment:
$2,398

Operating Income

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% Rent Monthly Yearly
Gross rent:
$2,500 $30,000
Vacancy loss: (6%)
6% -$150 -$1,800
Operating income:
$2,350 $28,200

Operating Expenses


% Rent Monthly Yearly
Property taxes: (n/a)
n/an/an/a
Insurance: (7%)
7%-$175-$2,100
Property management: (8%)
8%-$200-$2,400
Repairs & maintenance: (5%)
5%-$125-$1,500
Capital expenditures: (5%)
5%-$125-$1,500
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (25%)
25%-$625-$7,500

Cash Flow


Monthly Yearly
Net operating income:
$1,725 $20,700
Mortgage payments:
-$2,223 -$26,676
Cash flow:
$498 $5,976