15000 Greenfield Rd Detroit, MI 48227

Property Details for 15000 Greenfield Rd

Year built

1962

Lot size

0.19 lot acres

Property size

7,920 SF

Property type

Commercial real estate

APN

W22I049957S

Description

This exceptional investment opportunity presents a 13-unit apartment building located at 15000 Greenfield Rd, Detroit, MI 48227. The property, built in 1962 and extensively renovated in 2020, boasts 7,920 square feet on a 0.19-acre lot. Currently operating at 77% occupancy, the building comprises 9 one-bedroom and 4 studio units, with potential for a 14th unit in the basement. The current Net Operating Income (NOI) is $43,100, yielding a 5.75% cap rate. A pro-forma NOI of $69,800 projects a 9.31% cap rate upon full occupancy at market rents. Rents are projected to increase to $700/month for one-bedroom and $550/month for studio units on January 1, 2024. The property features updated kitchens and bathrooms, vinyl windows, PEX plumbing, and separately metered electric heating. A fenced parking lot is included. The building is classified as Class B and is zoned for commercial use. The asking price is $749,900, representing a price per unit of $57,684.62 and a price per square foot of $94.68. The property benefits from a valid rental certification extending to October 21, 2025. This turnkey investment offers significant upside potential through increased occupancy and rental rates. The property's location in Northwest Detroit, near Grandmont-Rosedale and the Grand River corridor, provides convenient access to amenities and transportation. The majority of tenants are long-term and stable. The Wayne County APN is W22I049957S. This is a privately owned, stabilized, turn-key investment.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Longitude

-83.1982777

Latitude

42.3995203