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15860 Joy Rd Detroit, MI 48228

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For Sale
$4,450,000

60-unit apartment complex near Dearborn, fully occupied with Section 8 tenants.

Lot size:
1.72 Acres

Property Features for 15860 Joy Rd

General Information

Property type
Commercial
Standard status
Active
Lot size
1.72 Acres

Building Details

Year built
1951

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Listing Contact
Lauryn Johnson
Source: Elliman

Listing Agency: KW Domain Birmingham Listing Agent: Lauryn Johnson

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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Overview

Greenfield Villas Multifamily Investment Opportunity

Located in the Oakman Boulevard neighborhood, Greenfield Villas is a 60-unit apartment complex situated on a 2-acre lot. The property is located 6 minutes from Dearborn. The complex features 36 two-bedroom and 24 one-bedroom apartments. The property has been recently remodeled, including a 400 square foot roof with high-definition shingles. Electrical systems in each unit have been upgraded. Additional improvements 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 occupied by Section 8 tenants. The tenants are responsible for all utilities. The property is intended for use as a residential income property.
Location Intelligence

Current Use by Public Records

Shcool Craft College High School

Suggested Use

Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

Location Insight

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City
Detroit
County
Wayne
State
Michigan
Longitude
-83.2022702
Latitude
42.358451

FAQs

What type of property is this?
Apartment building - 60-unit apartment complex near Dearborn, fully occupied with Section 8 tenants.
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 $4,450,000.
What are key features of this property?
This property features: - 100% Occupancy with Section 8 Tenants: Guarantees consistent rental income.; - High Monthly Income: Generates just under $50,000 per month.; - Recent Remodeling: Includes a new roof, electrical systems, windows, gutters, trim, plumbing, paint, and carpet.
More about this property
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