11724 Greenfield Rd - Apartments FOR SALE


Detroit, MI 48227
$1,250,000 USD
734-812-8284
11724 Greenfield Rd, Detroit, MI for Sale
$1,250,000 USD
Apartments - FOR SALE
1/7
null | Request Cap Rate

11724 Greenfield Rd
Detroit, MI 48227


HIGHLIGHTS

  • Recently renovated through 2024
  • Each unit features refrigerator, stove, AC
  • Historically strong occupancy

OVERVIEW

Global Real Estate Advisors are pleased to present the exclusive offering of 11724 Greenfield, a stabilized, 27-unit multifamily property in Detroit. This turn-key investment property was built in 1964 and consists of 5 studios and 22 one-bedroom units, with each unit including a refrigerator, stove, A/C unit, and a spacious living layout. As of the end of January 2025, the property has only one vacancy, with an average rent of about $819. The deal comes with substantial rental upside, as about half of the tenants are below market rents. There is also operational income potential by implementing a utility reimbursement program. https://grea.com/properties/worthfield/

FOR SALE DETAILS

PRICE

$1,250,000 USD

PRICE/SF

$90 USD /SF

# OF UNITS

27

PRICE/UNIT

$46,296

CAP RATE

Request Cap Rate

% LEASED

96%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Worthfield Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1964

PARKING SPACES

18

LAND DETAILS

LAND ACRES

0.34 AC

LAND SF

14,854 SF

ZONING

B4

APN/PARCEL ID

22-04982-932

ASK ABOUT THIS PROPERTY

Nick KirbyGREAMore Info
734-812-8284

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Nick KirbyGREAMore Info
734-812-8284

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.