18401 Joy Rd Detroit, MI 48228

This 29-unit apartment building, located at 18401 Joy Rd, Detroit, MI 48228, presents a compelling value-add investment opportunity. The property, built in 1972 and renovated in 2022 and 2023, comprises a single three-story building totaling 7,696 square feet. All 29 units are one-bedroom, one-bathroom apartments, each approximately 630 square feet, with on-site parking. Currently operating at 60% occupancy (as of December 23, 2021), the property boasts a current NOI of $152,505 and a pro-forma NOI of $264,000, reflecting a significant upside potential. Twelve units have recently undergone light renovations including new carpet, paint, and kitchen updates as needed. The average current rent is $800 per month, with recent leases signed at $950 per month. All leases are month-to-month, and a waiting list of pre-qualified tenants exists, supported by housing organizations providing substantial upfront financial assistance. The asking price is $1,399,900, representing a price per unit of $48,272.41 and a price per square foot of $181.90. The property is zoned MF and offers a 10.89% cap rate and a pro-forma cap rate of 18.86%. This is a privately owned property suitable for a 1031 exchange. The property is situated in the Warrendale neighborhood, conveniently located off Joy Road, west of the Southfield Freeway.