Investment Opportunity in Detroit: 10011 Belleterre Street, Detroit, MI 48204

Priced at just $20,000, this four-unit multifamily property located at 10011 Belleterre Street in Detroit, Michigan represents a compelling opportunity for investors, developers, and renovation specialists seeking to participate in Detroit’s ongoing revitalization.

Offered through the Detroit Land Bank Authority (DLBA), this all-brick structure provides solid fundamentals, significant upside potential, and the chance to transform a distressed asset into a stable income-producing property.

Property Overview

The property consists of a four-unit apartment building, with each unit featuring one bedroom. In total, the building includes four bedrooms and five bathrooms, comprised of four full bathrooms and one half bathroom. This configuration is ideal for maximizing rental efficiency while appealing to single tenants or couples seeking affordable housing options.

Constructed entirely of brick, the building benefits from a durable exterior shell, a critical factor for long-term structural integrity. Brick construction is highly valued in Detroit’s multifamily housing stock, offering resistance to weather damage and reduced long-term maintenance costs when properly restored.

Condition and Renovation Scope

This property requires a total rehabilitation. Prospective buyers should approach the project with a comprehensive renovation plan that addresses mechanical systems, interior finishes, plumbing, electrical, roofing, and overall code compliance.

The listing explicitly advises that the property should be shown with caution, indicating that safety concerns may be present due to its current condition.

While the scope of work is extensive, this also allows investors full control over design, layout improvements, and modernization. A full rehab enables the implementation of energy-efficient systems, modern interiors, and durable finishes that can significantly increase the building’s market value and rental appeal.

Neighborhood and Market Context

Located in Detroit’s 48204 ZIP code, the property sits in an area that has seen varying levels of redevelopment, stabilization, and renewed interest from investors. As Detroit continues to rebound from decades of population decline, neighborhoods like this one are increasingly attractive due to their affordability and proximity to major employment centers, transportation routes, and community redevelopment initiatives.

Multifamily properties remain in high demand across Detroit, particularly well-renovated, modestly sized apartment buildings that cater to workforce housing. Once rehabilitated, a four-unit property such as this can offer consistent cash flow while contributing to neighborhood stabilization.

Detroit Land Bank Authority (DLBA) Considerations

As a DLBA offering, this property comes with specific terms that buyers must carefully evaluate. One of the most significant factors is the DLBA tax capture provision, which entitles the Land Bank Authority to a share of property tax revenue for five tax years following the transfer of ownership.

This tax capture may limit the purchaser’s ability to take advantage of certain tax abatements or lot combinations that would otherwise be available. Buyers should note that DLBA will review requests to waive its tax capture rights on a case-by-case basis. In some instances, DLBA may require a payment in lieu of taxes (PILOT) as a condition for approving such a waiver.

The amount of any required payment is determined after reviewing the buyer’s development proforma and assessing how tax abatements may affect project financing. Investors are strongly encouraged to review the DLBA proposal guidelines thoroughly and consult with financial or legal professionals to ensure full compliance and accurate budgeting.

Financial Potential

At an acquisition price of $20,000, this property offers a low entry point compared to comparable multifamily assets in stronger markets. While renovation costs will be substantial, the upside lies in long-term rental income and appreciation. Once fully rehabilitated, each one-bedroom unit can generate steady monthly rent, especially in a market where affordable housing remains in demand.

Additionally, owning a four-unit building allows investors to spread risk across multiple tenants rather than relying on a single source of income. This diversification can provide greater stability and resilience in fluctuating rental markets.

Ideal Buyer Profile

This property is best suited for:

Experienced real estate investors

Developers specializing in value-add multifamily projects

Contractors seeking a redevelopment opportunity

Buyers familiar with DLBA processes and requirements

First-time investors may also consider this opportunity, provided they have adequate professional support and financing in place to handle the scope of rehabilitation and regulatory considerations.

Conclusion

The property at 10011 Belleterre Street offers a rare combination of low acquisition cost, solid brick construction, and multifamily income potential. While the building requires a complete rehabilitation and comes with DLBA-specific obligations, it presents a meaningful opportunity for those prepared to invest time, capital, and expertise.

With thoughtful planning, careful adherence to DLBA guidelines, and a well-executed renovation strategy, this four-unit property can be transformed into a valuable asset that supports both investor goals and Detroit’s broader neighborhood revitalization efforts.