$3,859 Closing Credit¹
#50166604, Paula M. Morris, Listing office: Adlhoch & Associates, REALTORS
$925,000 List price
1055 Philip St Detroit, MI 48215
$10,000
Closing credit¹
20 full
11,949 sqft
0.1 acres
$77 / sqft
Multi-Family
Property details
About 1055 Philip St
1055 Philip St is a 20-unit multifamily investment opportunity located between Grosse Pointe Park and Jefferson Chalmers. This building includes 19 one-bedroom units and 1 two-bedroom unit. With area rental comps supporting $800 to $1,000 per one-bedroom unit, the property offers a projected gross monthly income between $16,000 and $20,000. Using a conservative estimate of $18,000/month, the annual gross income is $216,000. After estimated expenses, this property can deliver a cap rate of approximately 8–9%, with additional income potential from on-site coin-operated laundry. The property features a newer front roof, individually metered units for tenant-paid utilities, wall furnaces in each unit, and an existing radiator system that provides an alternative heating option if desired. Tenants benefit from side parking and a shared downstairs storage area that could be rented out for additional revenue. Public transportation is easily accessible, with a bus station just steps away on E Jefferson Ave, making for a quick 12-minute commute to Downtown Detroit. This property is strategically positioned near major development, including the $45 million Schaap Center for the Performing Arts expansion in Grosse Pointe Park. Whether you’re a seasoned investor or entering the multifamily space, 1055 Philip offers strong cash flow, upside potential, and a prime location within Detroit’s east-side resurgence.
Highlights
Home typeMulti Family
HeatingForced Air, Natural Gas
StatusActive
Size11,949 sqft
BasementYes
Lot size0.15 Acres
Year built1928
MLS #20240088848
Summary
- Full Bathrooms: 20
- Basement: Yes
- Attached Garage: No
- Architectural Style: Other
- Heating: Forced Air, Natural Gas
- List Price: $925,000
- Price/SqFt: $77
- Annual Tax Amount: $10,007
- Tax Year: 2024
- Directions: N of Jefferson Ave E/E of Connor St
- Year Built: 1928
- Living Area: 11,949 SqFt
- Lot Size: 0.15 Acres
- MLS Number: 20240088848
- MLS Name: Realcomp II Ltd
- Office Name: REALTEAM Real Estate
- Office Phone: (586) 580-8092
- Listing Agent: Tiroca Battle
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.
IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. 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. Copyright © 2025 Realcomp II Ltd. Shareholders. All rights reserved. Originating MLS shown with each listing detail.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 6/14/2025, 3:45:31 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
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$925,000
1055 Philip St
$10,000
closing credit¹
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Price information
Property sales
We're sorry, we currently don't have property sales data for this listing.
Tax history
| Year | Assessment | Property Tax |
|---|---|---|
| 2024 | $447,600 | $10,007 |
| 2023 | $383,700 | $10,007 |
| 2022 | $336,800 | $10,452 |
| 2021 | $222,300 | $10,452 |
| 2020 | $177,100 | $2,607 |
| 2018 | $186,600 | $2,607 |
| 2017 | $174,400 | $4,946 |
History based on county public records data.
Nearby schools
6
George Defer Elementary School
Public District KG-5
0.7 mi
•15425 Kercheval Ave
1
Marvin L Winans Academy Elementary School
Public Charter KG-5
2.7 mi
•9740 McKinney St
1
Wayne Elementary School
Public District PK-5
2.9 mi
•10633 Courville St
School ratings are a score out of 10, where 10 is the highest and 1 is the lowest.
Neighborhood
The neighbors living near this home have an average income of $33,116. The majority of Detroit, MI residents have income less than $<35k annually. Typical family type is single, no kids. Typical level of education for residents in this area is high school diploma.
How much money do the neighbors make?
54%
<35k
30%
35k-100k
15%
100k-200k
1%
200k+
What level of education do the neighbors have?
High School Diploma
Post Secondary Degree
What types of families live nearby?
70%
Single, No Kids
20%
Single, with Kids
7%
Married, No Kids
3%
Married, with Kids
Are the neighbors home owners or renters?
Home Owners
Renters
How old are people in this area?
14%
<11 yrs old
12%
12-17 yrs old
22%
18-34 yrs old
41%
35-64 yrs old
11%
65+ yrs old
What do the neighbors do for fun?
UFC
Soccer
Figure Skating
Where do the neighbors shop?
Family Dollar
Forever 21
Express/Express For Men
Where do the neighbors go to eat?
Burger King
Dominos Pizza
Church's Chicken
What do the neighbors drive?
Buick
Mazda
Cadillac
What do the neighbors listen to?
Urban Contemporary
Rhythmic Contemporary Hits
Jazz
All data provided by Home Junction and Claritas
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Frequently asked questions
About 1055 Philip St
The listing price of 1055 Philip St property is $925,000.
The property 1055 Philip St is a multi located in Detroit, Michigan, 48215.
Active Listing: 1055 Philip St is For Sale (Active/New) which means the seller is accepting offers.
The nearby schools for 1055 Philip St are: George Defer Elementary School (GreatSchools Rating 6/10), Marvin L Winans Academy Elementary School (GreatSchools Rating 1/10), Wayne Elementary School (GreatSchools Rating 1/10), Detroit Merit Charter Academy (GreatSchools Rating 3/10), Pierce Middle School (GreatSchools Rating 9/10), Carstens Elementary-Middle School (GreatSchools Rating 2/10), Davis Aerospace Technical High School at Golightly (GreatSchools Rating 4/10), Pathways Academy (GreatSchools Rating 2/10), Southeastern High School (GreatSchools Rating 3/10).
According to the records, the last property tax for 2024 is $10,007 (source: MLS/based on county public records data).
The property 1055 Philip St is 11,949 SqFt (source: MLS/tax record).
The year of construction for 1055 Philip St is 1928.
This home is located at 1055 Philip St in Detroit, MI and zip code 48215 in the Lower East neighborhood. This 11,949 square foot home, which was built in 1928, sits on a 0.15 acre lot. Features: 20 bathrooms. It has been listed on Rocket Homes since November 26, 2024 and is currently priced at $925,000.
Detroit, MI housing market in May 2025 saw over 85 listings sold above listed price, more than 74 sold at listed price and over 169 sold below. In May 2025 in Detroit, MI there were 12.1% more homes for sale than in April. In May 2025 median list price was $90,022 and the average listing age was 48 days.
From Rocket Homes Real Estate and based on county public records data.