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Neff Lane Apartments 516 Neff Ln 20 Unit Apartment Building $3,995,000 ($199,750/Unit) 5.45% Cap Rate Grosse Pointe, MI 48230
Investment Highlights
- Recent Capital Improvements completed to a portion of the units and building systems
- Attractive Suburban Location in a supply-constrained rental market
- 20-Unit Multifamily Community in the highly desirable Grosse Pointe submarket
- Value-Add Upside through continued interior renovations and rent growth
- Ample On-Site Parking and well-maintained common areas
Executive Summary
Exceptional opportunity to acquire a well-located 20-unit multifamily asset in the heart of Grosse Pointe, one of Metro Detroit’s most desirable and supply-constrained rental markets. This stabilized community offers immediate cash flow with significant upside through continued rent growth and value-add execution.
The property features a strong unit mix with spacious floor plans, well-maintained interiors, and a history of high occupancy. Current ownership has completed substantial capital improvements in recent years, including renovations to a portion of the units, allowing a new owner to continue implementing a proven renovation and rent-increase strategy.
Situated in a premier residential setting near the waterfront, top-rated schools, retail, dining, and major employment corridors, the property benefits from consistent tenant demand and long-term market stability. Grosse Pointe’s limited multifamily inventory and strong demographic profile create a compelling environment for sustained rental growth and asset appreciation.
With in-place income, professional management history, and clear value-add potential, this offering is ideal for investors seeking a stabilized asset with both immediate yield and long-term upside in a premier suburban market.
The property features a strong unit mix with spacious floor plans, well-maintained interiors, and a history of high occupancy. Current ownership has completed substantial capital improvements in recent years, including renovations to a portion of the units, allowing a new owner to continue implementing a proven renovation and rent-increase strategy.
Situated in a premier residential setting near the waterfront, top-rated schools, retail, dining, and major employment corridors, the property benefits from consistent tenant demand and long-term market stability. Grosse Pointe’s limited multifamily inventory and strong demographic profile create a compelling environment for sustained rental growth and asset appreciation.
With in-place income, professional management history, and clear value-add potential, this offering is ideal for investors seeking a stabilized asset with both immediate yield and long-term upside in a premier suburban market.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financials
- Third Party Reports
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,995,000 | Building Class | B |
| Price Per Unit | $199,750 | Lot Size | 0.97 AC |
| Sale Type | Investment | Building Size | 20,000 SF |
| Cap Rate | 5.45% | Average Occupancy | 100% |
| No. Units | 20 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1972 |
| Property Subtype | Apartment | Parking Ratio | 1.29/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | R-T MULTI-FAMILY RESIDENT - R-T MULTI-FAMILY RESIDENTIAL | ||
| Price | $3,995,000 |
| Price Per Unit | $199,750 |
| Sale Type | Investment |
| Cap Rate | 5.45% |
| No. Units | 20 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 0.97 AC |
| Building Size | 20,000 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1972 |
| Parking Ratio | 1.29/1,000 SF |
| Zoning | R-T MULTI-FAMILY RESIDENT - R-T MULTI-FAMILY RESIDENTIAL |
Amenities
Unit Amenities
- Dishwasher
- Microwave
- Heating
- Kitchen
- Range
- Tub/Shower
- Yard
Site Amenities
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 20 | $1,650 | 800 |
1 1
Walk Score®
Very Walkable (72)
Property Taxes
| Parcel Number | 37-004-99-0009-000 | Total Assessment | $805,600 (2025) |
| Land Assessment | $0 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Number
37-004-99-0009-000
Land Assessment
$0 (2025)
Improvements Assessment
$0 (2025)
Total Assessment
$805,600 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026
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Presented by
Pinnacle Plus Realty LLC
Neff Lane Apartments | 516 Neff Ln
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