For Sale
$106,600,000

177 Wilshire DrTroy, MI 48084

286 Units, 94% Occupancy, Prime Location

Overview

Added:
Dec 11, 2024
Days on market:
118
This exceptional Class A, 286-unit luxury apartment building presents a compelling core investment opportunity. Located in Troy, Michigan, on a 2.04-acre lot at 177 Wilshire Dr, 48084, this 2021-built property boasts 160,000 square feet of meticulously designed living space. Currently operating at a 94% occupancy rate, the building commands a price per square foot of $666.25 and a price per unit of $372,727.27, totaling an asking price of $106,600,000. Situated in an affluent area of Troy, consistently ranked among Michigan's and the nation's top cities, the property benefits from a $144,000+ average household income within a 5-mile radius. Its prime location offers convenient access to I-75 and is just 1.5 miles from the Somerset Collection Mall, a top-performing shopping destination. Residents enjoy full-service amenities, including 24-hour on-site security, electronic monitoring, and on-site management. Nearby attractions include Somerset Golf Club, Springdale Golf Course, Philip J Huber Park, Children's Hospital, Oakland County Troy Airport, Beaumont Hospital Royal Oak, and Great Lakes Crossing Outlets. This fee-simple ownership opportunity provides a strong return on investment in a thriving market. The building's market-rent strategy and high occupancy rate underscore its financial strength and potential for continued growth.

Highlights

  • 94% Occupancy Rate, 286 Units
  • Located in Troy, MI, a Top 10 Michigan and Top 100 US city
  • Excellent I-75 accessibility
  • 1.5 miles from the Somerset Collection Mall, a top-performing US mall
  • $144,000+ average household income within a 5-mile radius
  • Full-service amenities including 24-hour security, electronic monitoring, and on-site management

Property Details for 177 Wilshire Dr

Property type
Apartment buildings
Square Feet
160,000 SF
Class
A
Year Built
2021
Lot Size (sq. ft)
88,862 SF
Units
286

Location Insight

City
Troy
County
Oakland
State
Michigan
Latitude
42.563757
Longitude
-83.163254
177 Wilshire Dr, Troy, Michigan

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177 Wilshire Dr
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