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For sale
    • $3,995,000

    516 Neff Ln, Grosse Pointe, MI 48230

    40beds
    16,080sqft
    : 
    Multi Family
    Built in 1972
    -- sqft lot
    $3,565,400 Zestimate®
    $248/sqft
    $-- HOA

    What's special

    Well-maintained interiorsPremier residential settingSpacious floor plans
    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.
    73 days
    |
    1,564
    |
    66
    |

    Zillow last checked: 7 hours ago

    Listing updated: January 20, 2026 at 02:10am

    Listed by:

    Mackenzie Laforest 734-210-3789,

    Pinnacle Plus Realty LLC 248-893-7795

    Source: Realcomp II,MLS#: 20261004006MLS Logo

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      Facts & features

      Interior

      Bedrooms & bathrooms
      • Bedrooms: 40
      • Bathrooms: 20
      • Full bathrooms: 20
      Heating
      • Forced Air, Natural Gas
      Cooling
      • Central Air
      Appliances
      • Laundry: Laundry Room
      Features
      • Entrance Foyer
      • Windows: Egress Windows
      • Basement: Full,Unfinished
      • Has fireplace: No
      Interior area
      • Total interior livable area: 16,080 sqft
      • Finished area above ground: 16,080

      Property

      Parking
      • Total spaces: 22
      • Parking features: Assigned, Carport
      • Has carport: Yes
      Accessibility
      • Accessibility features: Accessible Entrance
      Features
      • Levels: Two
      • Stories: 2
      • Exterior features: Balcony, Lighting
      • Pool features: None
      • Body of water: Lake st.Clair
      Lot
      • Size: 0.97 Acres
      • Dimensions: 114.20 x 437.00
      Details
      • Parcel number: 37004990009000
      • Zoning description: MultiFamily
      • Special conditions: Short Sale No,Standard

      Construction

      Type & style
      • Home type: MultiFamily
      • Architectural style: Upper Lower Apartment
      • Property subtype: Multi Family
      Materials
      • Brick
      • Foundation: Basement, Block
      • Roof: Asphalt
      Condition
      • New construction: No
      • Year built: 1972

      Utilities & green energy

      • Sewer: Public Sewer
      • Water: Public
      • Utilities for property: Above Ground Utilities

      Community & HOA

      Community
      • Security: Carbon Monoxide Detectors, Firewalls, Smoke Detectors
      Location
      • Region: Grosse Pointe

      Financial & listing details

      • Price per square foot: $248/sqft
      • Tax assessed value: $743,062
      • Annual tax amount: $44,052
      • Date on market: 1/20/2026
      • Cumulative days on market: 73 days
      • Listing agreement: Exclusive Right To Sell
      • Listing terms: Cash,Conventional
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        Estimated market value

        $3,565,400

        $3.39M - $3.74M

        $1,707/mo

        Price history

        Price history
        DateEventPrice
        1/20/2026Listed for sale$3,995,000-9.2%$248/sqft
        Source: Realcomp II #20261004006 Report a problem
        7/11/2023Listing removed--
        Source: Realcomp II #20230025255 Report a problem
        4/6/2023Listed for sale$4,400,000+64.5%$274/sqft
        Source: Realcomp II #20230025255 Report a problem
        5/3/2022Sold$2,675,000$166/sqft
        Source: Public Record Report a problem

        Public tax history

        Public tax history
        YearProperty taxesTax assessment
        2025-- $732,500 +6.7%
        2024-- $686,400 +1.9%
        2023-- $673,700 +5.3%
        2022-- $639,700 +9%
        2021-- $586,700
        2020$37,386 +10.3%$586,700 +1.9%
        2019$33,889 $576,000 +1.4%
        2018$33,889 +0.1%$568,000 +0.1%
        2017$33,853 $567,500 -0.1%
        2016$33,853 $568,000 +5.6%
        2015-- $538,000

        Find assessor info on the county website

        BuyAbility℠ payment

        Est. payment
        $26,694/mo
        Principal & interest
        $20602
        Property taxes
        $6092
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          Climate risks

          Neighborhood: 48230

          Getting around

          75 / 100
          Very Walkable
          67 / 100
          Bikeable

          Nearby schools

          GreatSchools rating

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