Plymouth Gardens 230 Plymouth Rd 16 Unit Apartment Building $3,175,000 ($198,438/Unit) 6.50% Cap Rate Plymouth, MI 48170

Plymouth Gardens presents a rare opportunity to acquire a fully stabilized, 16-unit multifamily community in the heart of Plymouth, Michigan — a tightly held Oakland County submarket. The property comprises two brick buildings built in 1964, offering a unit mix of 4 one-bedroom/one-bath units (626 SF) and 12 two-bedroom/one-bath units (676 SF) across 13,913 total square feet, with 25 dedicated parking spaces. At 100% occupancy, the asset generates monthly gross revenue of $25,036, equating to an annual gross potential income of $300,432. The property features a favorable utility structure that enhances net operating income. Each unit is individually metered for electricity and gas, with tenants responsible for those costs directly. The landlord covers only water and trash. Every unit includes its own in-unit washer and dryer, forced-air furnace heat, and AC — amenities that support strong tenant retention. A utility reimbursement program currently generates approximately $736 per month in additional income, further improving cash flow. The property was renovated in 2024/2025, reducing near-term capital expenditure exposure for an incoming investor and supporting the community's ability to command competitive rents in the submarket. The units include updated flooring, cabinets / kitchens, appliances, and fixtures as seen in the coming photos. Plymouth, Michigan is a highly desirable western Wayne/Oakland County submarket, known for its walkable historic downtown, strong owner-occupied housing stock, and top-rated Plymouth-Canton Community Schools. Limited rental supply and proximity to major employment centers in Ann Arbor, Northville, and Metro Detroit continue to support strong renter demand for well-located multifamily assets like Plymouth Gardens.