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98 Units | Recent CapEx & Near Downtown 11385 Greenfield Rd 98 Apartment Units Online Auction Sale Detroit, MI 48227
INVESTMENT HIGHLIGHTS
- Greenbriar Park Apartments comprises 98 units among two buildings with a unit mix ranging from studio to two-bedroom units.
- Upside in leasing 60 apartments while generating strong, positive cash flow to support 18 remaining renovation costs w/o out of pocket costs.
- West Side Detroit is mainly residential, but there are supermarkets, casual restaurants, and small businesses spread throughout the area.
- Detroit’s West Side is known for its affordable rentals, easy access to Downtown (10 miles), and abundant community parks.
- Residents have ample parking with a private lot located between the two buildings and public transportation right at the front door.
EXECUTIVE SUMMARY
The Greenbriar Park Apartments are a gated community consisting of two buildings, 11345 and 11385 Greenfield Road. 11345 Greenfield recently underwent major restorations, costing more than $2.2 million. Features and amenities of the complex include new roofs, a laundry facility, property management, and controlled access on-site, as well as A/C, baseboard electric heaters, and full kitchens. The unit mix comprises 32 studios, six large studios, 54 one-bedroom units, and six two-bedroom units.
The complex is situated on two major roads/ transportation routes: Greenfield Road and Interstate 96. It is 6 miles from the University of Michigan-Dearborn and about 10 miles from the new Ford Headquarters, which employs up to 4,000 daytime employees. The location is also in proximity to the Southfield Expressway, which can transport locals to the Detroit Metropolitan Wayne County Airport, about 19 miles southwest of the neighborhood.
Residents who use public transit can access several DDOT bus stops along Greenfield Road, as well as one directly in front of our building. There is another stop on Plymouth Road (East/West) 100 feet away. The apartments are conveniently close to employment and shopping. Greenbriar Park Apartments is conveniently located near three shopping centers within 1.5 miles, five parks within 8.1 miles, and three hospitals within 7.6 miles, with the nearest being DMC Sinai – Grace Hospital.
According to CoStar analytics, the 3-mile demographics indicate a growing population of 172,677 residents, with nearly half of the area residing in renter-occupied housing. One- and two-person households comprise 57% of the household inventory, aligning with Greenfield Road Apartments' unit mix and capabilities.
The complex is situated on two major roads/ transportation routes: Greenfield Road and Interstate 96. It is 6 miles from the University of Michigan-Dearborn and about 10 miles from the new Ford Headquarters, which employs up to 4,000 daytime employees. The location is also in proximity to the Southfield Expressway, which can transport locals to the Detroit Metropolitan Wayne County Airport, about 19 miles southwest of the neighborhood.
Residents who use public transit can access several DDOT bus stops along Greenfield Road, as well as one directly in front of our building. There is another stop on Plymouth Road (East/West) 100 feet away. The apartments are conveniently close to employment and shopping. Greenbriar Park Apartments is conveniently located near three shopping centers within 1.5 miles, five parks within 8.1 miles, and three hospitals within 7.6 miles, with the nearest being DMC Sinai – Grace Hospital.
According to CoStar analytics, the 3-mile demographics indicate a growing population of 172,677 residents, with nearly half of the area residing in renter-occupied housing. One- and two-person households comprise 57% of the household inventory, aligning with Greenfield Road Apartments' unit mix and capabilities.
DATA ROOM Click Here to Access
- Operating and Financials
- Purchase Agreement
- Title and Insurance
MARKET ANALYTICS Click Here to Access
PROPERTY FACTS
| Sale Type | Investment | Lot Size | 1.20 AC |
| Sale Condition | Auction Sale | Building Size | 62,934 SF |
| Type of Ownership | Fee Simple | Average Occupancy | 8% |
| No. Units | 98 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1966/2000 |
| Property Subtype | Apartment | Parking Ratio | 1.63/1,000 SF |
| Apartment Style | Low-Rise | Parcel Number | 22-05107-499 |
| Building Class | C | ||
| Zoning | B4 - Multifamily Dwelling | ||
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| No. Units | 98 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.20 AC |
| Building Size | 62,934 SF |
| Average Occupancy | 8% |
| No. Stories | 3 |
| Year Built/Renovated | 1966/2000 |
| Parking Ratio | 1.63/1,000 SF |
| Zoning | B4 - Multifamily Dwelling |
| Parcel Number | 22-05107-499 |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Disposal
- Heating
- Kitchen
- High Speed Internet Access
- Refrigerator
- Oven
- Range
- Carpet
- Wheelchair Accessible (Rooms)
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Property Manager on Site
- Smoke Detector
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 38 | - | - |
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SALE ADVISOR
SALE ADVISOR
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AUCTION CONTACT
Victoria Quade
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CONTACT
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Brent Maxwell - Propfoxx LLC
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98 Units | Recent CapEx & Near Downtown | 11385 Greenfield Rd
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98 Units | Recent CapEx & Near Downtown | 11385 Greenfield Rd
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