Turnkey Four-Unit Residential
515 Neff Road, Grosse Pointe, MI 48230
- Added:
- Jun 11, 2026
- Days on Market:
- 15
- Last Refresh:
- Jun 25 at 6:06 pm
Property Features for 515 Neff Road
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 12
- Bathrooms
- 8
- Rooms
- Bedroom 7, Bedroom 12, Bedroom 1, Bedroom 9, Bedroom 10, Bathroom 8, Bedroom 6, Bathroom 7, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 4, Basement, Bedroom 8, Bathroom 5, Bedroom 11, Bathroom 3, Bathroom 4, Bathroom 6
- Parking features
- Driveway, Garage
- Interior features
- Hardwood Floors
- Fireplace
- 1
- Appliances
- Dishwasher, Disposal, Dryer, Microwave, Range/Oven, Refrigerator, Washer
- Standard status
- Pending
- APN
- 37-002-03-0017-001
- Size
- 6,958 SF
- Lot size
- 0.34 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Annual Amount
- 15936
Utilities
- Heating system
- Forced Air
- Cooling system
- Ceiling Fan(s), Central Air
- Water source
- Public
Building Details
- Year built
- 1953
- Floors in Building
- 2
- Number of units
- 4
Listing agent Charlene Williams (313) 600-4019
Listing office Sine & Monaghan LLC 18412 Mack Ave, Grosse Pointe Farms, MI (313) 884-7000
Listing date Jun 11, 2026
MLS# 50211102
Listing URL
Copyright © 2026 Multiple Listing Service MiRealSource. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
HighLights
- Four updated rental units at 515, 517, 521, and 523 Neff Road: two 2BR/1BA flats plus two 4BR/2.5BA townhomes.
- Extensively refreshed interiors with fresh paint, updated lighting, new carpeting in carpeted areas, numerous new appliances, and brand‑new windows and sliding doors.
- Units 515 and 517: upper and lower flats with 2 bedrooms, 1 full bath, eat‑in kitchens, and separate laundry/storage in the shared basement; shared garage access.
- Units 521 and 523: side‑by‑side townhomes with fireplaces, half baths on main level, 4 bedrooms, 2 full baths upstairs, and a second‑floor bonus room.
- Each townhome includes a private basement and an attached one‑car garage; upper units have balcony/porch space and some walkout balcony porches.
- Year built 1953; forced‑air heating with central air and ceiling fans; public water; in‑unit appliances include washer/dryer and refrigerator.
Overview
A turnkey four-unit residential income property at 515 Neff Road in Grosse Pointe City, offered as one investment. The building configuration features two distinct styles: Units 515 and 517 are upper and lower flats, each with 2 bedrooms and 1 full bathroom, spacious living and dining rooms, eat-in kitchens, and balcony or porch space. Each flat includes separate laundry and storage areas in the shared basement, and access to a shared garage. Units 521 and 523 are side-by-side townhomes with living rooms that include fireplaces, dining rooms, and eat-in kitchens with coffee or bar nook areas, plus half baths on the main level. Upstairs, the townhomes provide 4 bedrooms (including 2 with walkout balcony porches) and 2 full bathrooms, along with a second-floor bonus room that can serve as a fourth bedroom, family room, playroom, home office, or additional living space. Each townhome also has a private basement and an attached one-car garage.
The property is described as being in the heart of Grosse Pointe City, just one block from The Village. Nearby walkable amenities listed include Maire Elementary, Elworthy Field, neighborhood parks, tennis courts, Trader Joe’s, and Lucky Detroit Coffee & Espresso, plus resident-exclusive Neff Park with a marina, swimming pools, playgrounds, picnic areas, and waterfront recreation.
All four residences have been refreshed and are presented as move-in ready, with fresh paint throughout, updated lighting, new carpeting in carpeted areas, numerous new appliances, and brand-new windows and sliding doors throughout. The mix of two 2-bedroom, 1-bath flats and two 4-bedroom, 2.5-bath townhomes supports flexible occupancy and ownership options for investors or owner-occupants.
The property is described as being in the heart of Grosse Pointe City, just one block from The Village. Nearby walkable amenities listed include Maire Elementary, Elworthy Field, neighborhood parks, tennis courts, Trader Joe’s, and Lucky Detroit Coffee & Espresso, plus resident-exclusive Neff Park with a marina, swimming pools, playgrounds, picnic areas, and waterfront recreation.
All four residences have been refreshed and are presented as move-in ready, with fresh paint throughout, updated lighting, new carpeting in carpeted areas, numerous new appliances, and brand-new windows and sliding doors throughout. The mix of two 2-bedroom, 1-bath flats and two 4-bedroom, 2.5-bath townhomes supports flexible occupancy and ownership options for investors or owner-occupants.
Local Financial Insights For Multifamily LT 5
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 | $104.4k | $15.00 |
| − Vacancy | −$6.8k | −$0.98 |
| EGI | $97.6k | $14.03 |
| − OpEx | −$29.3k | −$4.21 |
| NOI | $68.3k | $9.82 |
6,958 SF · lease $15.00/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$975.9K
$853.9K – $1.14M
NOI $68,310 @ 7.0% cap · market cap 5.27%
Second Best
Apartment 5plus
$896.1K
$784.1K – $1.05M
NOI $62,726 @ 7.0% cap · market cap 4.84%
Theoretical Best
Specialty Retail
$1.29M
$1.13M – $1.50M
NOI $90,176 @ 7.0% cap · market cap 6.96%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Quadplexes
Location Insight
- Map
- Local Demand
- City
- Grosse Pointe
- County
- Wayne
- State
- Michigan
- Longitude
- -82.912674
- Latitude
- 42.388502
Nearby Similar for Sale
FAQs
What type of property is this?
Quadplex - Four fully updated residences with two flat-style and two townhome-style layouts, offered together as a single property.
Where is this quadplex located?
The property is located at 515 Neff Road Grosse Pointe, MI.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Four updated rental units at 515, 517, 521, and 523 Neff Road: two 2BR/1BA flats plus two 4BR/2.5BA townhomes.; Extensively refreshed interiors with fresh paint, updated lighting, new carpeting in carpeted areas, numerous new appliances, and brand‑new windows and sliding doors.; Units 515 and 517: upper and lower flats with 2 bedrooms, 1 full bath, eat‑in kitchens, and separate laundry/storage in the shared basement; shared garage access.
