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    15401 Meyers Rd Detroit, MI 48227

    Sponsored
    For Sale
    $1,390,000

    15-Unit Apartment Complex, Excellent ROI

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    398
    This exceptional 15-unit apartment complex, located at 15401-15487 Meyers Rd, Detroit, MI 48227, presents a compelling investment opportunity. The property, built in 1996 and extensively renovated in 2021, sits on a 1.05-acre lot and is zoned R2. The complex comprises 14 duplex units and one freestanding townhome, all featuring attached single-car garages. Recent upgrades include new flooring, garage doors, and countertops, enhancing both aesthetics and functionality. All units are currently occupied, with tenants responsible for all utilities, contributing to strong cash flow. The property's 15 units are priced at $92,667 per unit, totaling an asking price of $1,390,000. The two-story building offers significant potential for increased net operating income (NOI) under new ownership due to below-market rents. This well-maintained property, with its attractive townhome style and desirable amenities, represents a solid investment in a growing Detroit market. The Wayne County location and convenient address provide easy access to local amenities and transportation. The APN is 22-020347. This is a turnkey opportunity for an investor seeking immediate returns and long-term appreciation.

    Property Features for 15401 Meyers Rd

    General Information

    Property type
    Multifamily properties
    Lot Size
    45,738 SF

    Building Details

    Year Built/Renovated
    1996/2021
    Stories
    2
    Units
    15

    HighLights

    • 15‑unit townhome‑style apartment complex in Detroit, MI.
    • Below‑market rents offer significant NOI growth potential.
    • Each unit includes a single‑car attached garage.
    • Recently renovated with new flooring, garage doors, and countertops.
    • All utilities paid by tenants.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    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
    -83.1698418
    Latitude
    42.4041662

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    FAQs

    What type of property is this?
    Multifamily property - 15-Unit Apartment Complex, Excellent ROI
    Where is this multifamily property located?
    The property is located at 15401 Meyers Rd Detroit, MI.
    What is the asking price?
    The asking price for this property is $1,390,000.
    What are key features of this property?
    This property features: 15-unit townhome-style apartment complex in Detroit, MI.; Below-market rents offer significant NOI growth potential.; Each unit includes a single-car attached garage.
    Request Owner's contact information
    15401 Meyers Rd Detroit, MI 48227
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    Detroit, MI 48227
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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
    15401 Meyers Rd Detroit, MI 48227
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