15301-15475 Miller StOak Park, MI 48237

Property Details for 15301-15475 Miller St

Year built

1954

Lot size

1.16 AC

Property size (Sq ft)

19,288 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

This exceptional investment opportunity presents a 17-unit apartment building situated on a 1.16-acre lot at 15301-15475 Miller St, Oak Park, MI 48237. The property boasts a total of 19,288 square feet across seven buildings, constructed in 1954 and 1968. Currently operating at 82.4% occupancy, the property generates a Net Operating Income (NOI) of $81,161, representing a 6.75% capitalization rate. A pro-forma NOI of $112,007 projects a 7.00% cap rate. The property includes 20 parking spaces and benefits from its prime location, offering easy access to major highways including I-696, M-10, and I-75. Located in an Opportunity Zone, this property offers potential tax incentives. Recent renovations have enhanced the property's value, and its proximity to the 400M+ Northland Mixed-Use Development further strengthens its investment appeal. Oak Park's strong rental market and low vacancy rates contribute to the property's robust financial outlook. The property's APN is 52-25-31-303-003/4/5. This is a rare chance to acquire a well-positioned multifamily asset with significant upside potential.

Location Insight

City

Oak Park

County

Oakland

State

Michigan

Latitude

42.4505

Longitude

-83.1986

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