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13601170
13601172

15000 Greenfield Rd, Detroit, MI 48227

RK
MI 6501401697
RE/MAX Leading Edge
Listed by RE/MAX Leading Edge
$789,900
950 days on market
Updated 66 days ago

15000 Greenfield

Details
APN W22I049957S
Property Type Multifamily
Sub Type Apartment Building
Square Footage 7,920
Units 13
Cap Rate 5.46%
NOI $43,100
Occupancy 77%
Pro-Forma Cap Rate 8.84%
Pro-Forma NOI $69,800
Price per SqFt $100
Broker Co-Op Yes
Class B
Year Built 1962
Year Renovated 2020
Buildings 1
Stories 2
Acreage 0.190
Zoning Commerical
Investment Type Stabilized
Ownership Privately Owned

Multifamily | 13 Units | Turn-key W/ Great Location

Marketing description

**RARE OPPORTUNITY** Investors, here is your chance to add a truly turn-key apartment building to your portfolio! The property features 13 units (9 one-bedroom and 4 studio units) with space to add a 14th unit in the basement!

10 of the units are currently occupied and generating $6,275/month in rental income, and would generate $8,500/month when fully occupied @ market rents. Rents are being raised to $700/month for 1 bedrooms & $550/month for studios on 1/1/2024 and tenants have been notified.

Some of the rents are below-market rates and could be raised a bit. The property has been completely rehabbed and features vinyl windows, updated kitchens and bathrooms in the units, PEX plumbing, separately metered electric heating, and much more!

The property also has its RENTAL CERTIFICATION, which is valid through 10/21/2025!

The fenced parking lot out back is included in the sale. Located in NW Detroit, just outside the Grandmont-Rosedale neighborhood and north of the Grand River corridor.

Most of the tenants are long-term, low-maintenance, and want to stay!

Listing Contacts

RK
MI 6501401697
RE/MAX Leading Edge
Listed by RE/MAX Leading Edge

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Loan Amount
$0.00
Annual Debt Service
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Annual Cash Flow
$43,100.00
$3,591.67/mo

Valuation Metrics

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DSCR
5.46%
Cap Rate
5.46%
ROI

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