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Greenfield Apartments 8348 Greenfield Rd 34 Unit Apartment Building $1,800,000 ($52,941/Unit) 9.04% Cap Rate Detroit, MI 48228
Investment Highlights
- 16,560 SF apartment building on 0.41 acres
- 34 units: 24 x 2 BR, 3 x 2 BR, 7 Studio
- Located 20 minutes from Downtown Detroit
- 4 floors
- Built in 1965
Executive Summary
Presenting a unique opportunity for Multifamily/Low-Rise/Garden investors in Detroit, MI. This impressive property boasts a 16,560 SF building with 34 units, providing an attractive investment prospect. Built in 1965 and zoned B4, the property offers a solid foundation for a lucrative investment venture in the thriving Detroit market. Its strategic location makes it an ideal choice for investors seeking to expand their portfolio and capitalize on the robust demand for multifamily properties. Invest in this well-maintained asset and unlock the potential for significant growth and long-term profitability.
Property Facts
| Price | $1,800,000 | Building Class | C |
| Price Per Unit | $52,941 | Lot Size | 0.41 AC |
| Sale Type | Investment | Building Size | 25,200 SF |
| Cap Rate | 9.04% | Average Occupancy | 94% |
| No. Units | 34 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1965 |
| Property Subtype | Apartment | Parking Ratio | 0.76/1,000 SF |
| Apartment Style | Low-Rise | ||
| Zoning | B4, Detroit | ||
| Price | $1,800,000 |
| Price Per Unit | $52,941 |
| Sale Type | Investment |
| Cap Rate | 9.04% |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.41 AC |
| Building Size | 25,200 SF |
| Average Occupancy | 94% |
| No. Stories | 3 |
| Year Built | 1965 |
| Parking Ratio | 0.76/1,000 SF |
| Zoning | B4, Detroit |
Amenities
Unit Amenities
- Air Conditioning
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Public Transportation
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | 500 |
| 2+1 | 29 | - | 550 |
1 1
Moderately walkable
60/100
Very drivable
80/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 22-04953-745 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $486,400 |
Property Taxes
Parcel Number
22-04953-745
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$486,400
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Greenfield Apartments | 8348 Greenfield Rd
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