15000 Greenfield RdDetroit, MI 48227

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.