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    15860 Joy Rd Detroit, MI 48228

    For Sale
    $4,500,000

    Upper/Lower Apartment - Detroit, MI

    Property size:
    48,336 SF
    Lot size:
    1.72 Acres
    Days on Market:
    17
    Last Refresh:
    Dec 6 at 9:06 am

    Property Features for 15860 Joy Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Multi-Family
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5
    Bathrooms
    60
    APN
    W22I003043S001
    Basement Y/N
    1
    Size
    48,336 SF
    Lot size
    1.72 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas

    Building Details

    Year built
    1951
    Year renovated
    2025
    Floors in Building
    2
    Building materials
    Brick
    Architectural style
    Other

    KW Domain Birmingham (248) 590-0800 [email protected]

    Listing agent Lauryn Johnson (248) 590-0800

    Listing date Nov 20, 2025

    MLS# 20251050723 Listing URL

    Copyright © 2025 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Detroit Multifamily Investment Opportunity

    Located approximately 6 minutes from Dearborn, this 60-unit apartment complex, known as Greenfield Villas, is situated on a 1.72-acre lot in the Oakman Boulevard neighborhood. The property features 36 two-bedroom and 24 one-bedroom apartments. The building has been recently remodeled, including a new 400 square foot, 40-year roof with high-definition shingles and updated electrical systems in each unit. Additional upgrades include new windows, gutters, and trim. The property also features a newer heating system and new plumbing. Fresh paint and new carpet with underlayment have been installed. All units are intended for Section 8 tenants, with monthly payments of nearly $50,000 paid by the federal government. Tenants are responsible for all utilities, contributing to a cash-on-cash return of just under 20%. The property has a total size of 48,336 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Shcool Craft College School

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -83.2022702
    Latitude
    42.358451

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    FAQs

    What type of property is this?
    Apartment building - Sixty-unit apartment complex near Dearborn, generating nearly $50,000 monthly.
    Where is this apartment building located?
    The property is located at 15860 Joy Rd Detroit, MI.
    What is the asking price?
    The asking price for this property is $4,500,000.
    What are key features of this property?
    This property features: - High monthly dividends (just under $50,000) paid by the Federal Government through Section 8.; - 60-unit complex with a mix of 36 two-bedroom and 24 one-bedroom apartments.; - Recently remodeled with a new 40-year roof, new windows, gutters, trim, and updated electrical and plumbing systems.
    (248) 590-0800
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    Detroit, MI 48228
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    15860 Joy Rd Detroit, MI 48228
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