18511 Joy Rd Detroit, MI 48228
- Commercial real estate
- 27,125 SF
Current Use by Public Records
- Penrod & Faust / Apartment Building
- Pawtastically Purrrfect Woofrld LLC / Pet Groomer / Animal Shelter
Property Details for 18511 Joy Rd
- Year built
- 1972
- Property size
- 27,125 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a 29-unit apartment building located at 18511 Joy Rd, Detroit, MI 48228, in the Warrendale neighborhood. The property, built in 1972 and extensively renovated in 2023, boasts a total of 27,125 square feet across three stories. The building features 26 parking spaces, a significant advantage in this market. Currently operating as a value-add investment, this Class C property offers substantial upside potential. Twelve units have already undergone light renovations, including new carpet, paint, vinyl kitchen flooring (as needed), and appliance replacements where necessary. These renovated units command a monthly rent of $950, while the average rent across the building is currently $800 per month. All units are on month-to-month leases, providing flexibility for immediate rent increases. The average cost to renovate a unit ranges from $1,500 to $4,000. The property is zoned MF (Multifamily) and is privately owned, making it eligible for a 1031 exchange. With an asking price of $1,249,999, this represents a price per unit of $43,103.41 and a price per square foot of $46.08. This is a stabilized property with significant potential for increased cash flow through further renovations and rent optimization. The property's location, just west of the Southfield Freeway, offers convenient access to major transportation routes. This is an ideal opportunity for investors seeking a strong return on investment in the Detroit market.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Detroit
- County
- Wayne
- State
- Michigan
- Longitude
- -83.2217404
- Latitude
- 42.3575194
