15301-15475 Miller St Oak Park, MI 48237
- Retail properties
- 19,288 SF
- 1.16 lot acres
Current Use by Public Records
- Retail properties
Property Details for 15301-15475 Miller St
- Year built
- 1954
- Lot size
- 1.16 lot acres
- Property size
- 19,288 SF
- Property type
- Retail properties
- Property subtype
- Apartment buildings
Description
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.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Oak Park
- County
- Oakland
- State
- Michigan
- Longitude
- -83.1986
- Latitude
- 42.4505