Garden-Style Apartment
15925 W 11 Mile Rd Southfield, MI 48076
New
For Sale
$1,375,000
8-unit, fully occupied garden-style community with in-unit washer/dryer and 14 parking spaces on two two-story buildings.
Property Size7,600 SF
Lot Size0.70 Acres
Price / SF$180.92
Days on Market3
Property Features for 15925 W 11 Mile Rd
General Information
Standard status
Active
Size
7,600 SF
Lot size
0.70 Acres
Property subtype
Investment
Building Details
Year Built
1986
Listing Agency:
(360) 989-5395
Listed By:
Brady Williams
(360) 989-5395
Source:
Elliman
Added: Jul 28
Changed: Jul 29
Last Checked: Jul 29 at 10:57AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Brady Williams
Investment Insights
Based on property information with market context.
Chestnut Oaks is a turnkey 8-unit garden-style apartment community built in 1986, comprising two two-story buildings. The unit mix includes four 1BR/1BA units and four 2BR/1BA units, and each unit features an in-unit washer/dryer. The property is constructed with masonry and heated with natural gas and wall furnaces. There are 14 parking spaces, and the landlord pays for water and trash while tenants pay electric.
The community is located in Southfield near W 11 Mile Rd and Marshall St, with easy access to major Southfield corridors. The property is professionally managed and is tenant-occupied; showings are available by appointment only.
For sale as a current-income investment opportunity, the listing states a current NOI of $92,517 and references a pro forma NOI of $93,429 through market rent adjustments. The property is zoned RM and sits on a 0.70-acre lot.
The community is located in Southfield near W 11 Mile Rd and Marshall St, with easy access to major Southfield corridors. The property is professionally managed and is tenant-occupied; showings are available by appointment only.
For sale as a current-income investment opportunity, the listing states a current NOI of $92,517 and references a pro forma NOI of $93,429 through market rent adjustments. The property is zoned RM and sits on a 0.70-acre lot.
Key Highlights
- 8‑unit, fully occupied garden‑style apartment community built in 1986 in Southfield
- Two 2‑story buildings totaling approx. 7,600 SF on a 0.70‑acre lot (zoned RM)
- Unit mix: four 1BR/1BA (850 SF) and four 2BR/1BA (1,050 SF), all with in‑unit washer/dryer
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $176.9k | $23.28 |
| − Vacancy | −$7.4k | −$0.98 |
| EGI | $169.5k | $22.30 |
| − OpEx | −$76.3k | −$10.04 |
| NOI | $93.2k | $12.27 |
7,600 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.33M
$1.17M – $1.55M
NOI $93,223 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.64M
$1.43M – $1.91M
NOI $114,748 @ 7.0% cap · market cap 8.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Apartment building - 8-unit, fully occupied garden-style community with in-unit washer/dryer and 14 parking spaces on two two-story buildings.
Where is this apartment building located?
The property is located at 15925 W 11 Mile Rd Southfield, MI.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: 8‑unit, fully occupied garden‑style apartment community built in 1986 in Southfield; Two 2‑story buildings totaling approx. 7,600 SF on a 0.70‑acre lot (zoned RM); Unit mix: four 1BR/1BA (850 SF) and four 2BR/1BA (1,050 SF), all with in‑unit washer/dryer
