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    15301-15475 Miller St Oak Park, MI 48237

    Sponsored
    For Sale
    Contact for pricing

    17-unit apartment building, high ROI potential.

    Property size:
    19,288 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional investment opportunity presents a 17-unit apartment building situated on a 1.16-acre lot at 15301-15475 Miller St, Oak Park, MI 48237. The property boasts a total of 19,288 square feet across seven buildings, constructed in 1954 and 1968. Currently operating at 82.4% occupancy, the property generates a Net Operating Income (NOI) of $81,161, representing a 6.75% capitalization rate. A pro-forma NOI of $112,007 projects a 7.00% cap rate. The property includes 20 parking spaces and benefits from its prime location, offering easy access to major highways including I-696, M-10, and I-75. Located in an Opportunity Zone, this property offers potential tax incentives. Recent renovations have enhanced the property's value, and its proximity to the 400M+ Northland Mixed-Use Development further strengthens its investment appeal. Oak Park's strong rental market and low vacancy rates contribute to the property's robust financial outlook. The property's APN is 52-25-31-303-003/4/5. This is a rare chance to acquire a well-positioned multifamily asset with significant upside potential.

    Property Features for 15301-15475 Miller St

    General Information

    Property type
    Multifamily properties
    Square Feet
    19,288 SF
    Lot Size
    50,530 SF

    Building Details

    Year Built
    1954
    Buildings
    7
    Units
    17

    HighLights

    • Excellent I‑696, M‑10, and I‑75 access.
    • Mature, established apartment community.
    • Located in an Opportunity Zone, offering potential tax incentives.
    • Recently renovated building.
    • Across from the 400M+ Northland Mixed‑Use Development.
    • Strong rental market with low vacancy in Oak Park.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Oak Park
    County
    Oakland
    State
    Michigan
    Longitude
    -83.198591
    Latitude
    42.4505147

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    FAQs

    What type of property is this?
    Multifamily property - 17-unit apartment building, high ROI potential.
    Where is this multifamily property located?
    The property is located at 15301-15475 Miller St Oak Park, MI.
    What are key features of this property?
    This property features: Excellent I-696, M-10, and I-75 access.; Mature, established apartment community.; Located in an Opportunity Zone, offering potential tax incentives.
    Request Owner's contact information
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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
    15301-15475 Miller St Oak Park, MI 48237
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