18401 Joy RdDetroit, MI 48228

Property Details for 18401 Joy Rd

Year built

1972

Property size (Sq ft)

7,696 SF

Property type

Apartment buildings

Description

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.

Location Insight

City

Detroit

County

Wayne

State

Michigan

Latitude

42.3575

Longitude

-83.2205

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].