As Detroit continues on its revitalization tour, get to know the up-and-coming neighborhoods where you can still buy properties for rent and have a good chance of success.
Today I’d like to highlight three Detroit neighborhoods you should know about: East English Village, Jefferson Chalmers/Creekside, and Cornerstone Village/Belgian Triangle.
East English Village
Developed in 1913, East English Village is home to brick homes with character, built in the early 1930s through the 1950s. It’s a diverse community, one of the most racially diverse neighborhoods of Detroit, that borders Grosse Pointe.
This is one of the few historic neighborhoods left in the city where you can still buy properties for rent and make a solid return. Today, there remains an opportunity to buy and generate good rental income here, as it’s undervalued compared to other historic areas such as Palmer Woods, Sherwood Forest, University District, Corktown, Indian Village and West Village, where many people are priced out, or where rents don’t justify prices.
Along with Midtown and downtown expansion areas, East English Village is on the high end for investment properties, with a bright future. We have a number of holdings there, and a number of clients in this neighborhood. We really like that area.
Gentrification potential: Grade B+
Jefferson-Chalmers/Creekside
Jefferson Chalmers has been called “a diamond in the rough,” with more than 160 acres of riverfront parks, boat launches, fishing and outdoor recreation opportunities. You’ll find mansions and ranches, a series of canals with homes on the water and river-access in their backyards. It almost feels like New Orleans in some spots.
The Creekside part of it was formed in 1993 as a nonprofit effort to improve the quality of life in the area. This neighborhood is bordered by Jefferson Avenue, the Detroit River, Alter Road and Clairpointe Road.
This neighborhood is a sleeper that’s up-and-coming, as you see the bubbling of the business community along Jefferson. It’s starting to come to life and is attracting a hipster crowd (good news!). Jefferson-Chalmers/Creekside touches Grosse Pointe and it’s on the water, with a lot of housing stock and a strong community organization.
Gentrification potential: Grade A-
Cornerstone Village/Belgian Triangle
Cornerstone Village, also known as the Belgian Triangle, is bordered by Kingsville Street, Mack Avenue, Cadieux Road and I-94. It’s a cute area with houses set back from the street, a trend created by Belgian immigrants who settled here and continued their tradition of having gardens in the front yards.
A lot of urban farmers are interested in this neighborhood. You’ll rent to hipsters who have easy freeway access and a quick drive to posh Grosse Pointe. It’s the easternmost corner of Detroit. (Plus, it’s home to great Belgian food – check out Cadieux Café.)
Gentrification potential: Grade A
