18401 Joy Rd, Detroit, MI 48228
29 Unit Apartment Building | $1,399,000 ($48,241/Unit) | 8.76% Cap Rate | Detroit, MI 48228
For Sale
Active
Asking Price $1,399,000
- Sale Condition
- 1031 Exchange
- Property Type
-
Multifamily
- Square Feet
- 27,125 SF
Listing Contacts
Bryan Redmond
Property Overview
Welcome to Penrod Apartments, an income producing value add opportunity. The property is 29-unit apartment building located on the West side of the city Detroit, Michigan. The property is positioned in the Warrendale Neighborhood, off Joy Rd just West of the Southfield Freeway. Penrod Faust consists of two buildings, with parking spaces on the side and back of the building. There are 29 units that are all 1 bedroom 1 bath, approximately 630 square feet. They heavy lifting is finished!!! Come in set your rents, fill your units and watch the cash flow in. The property is 62% occupied (18/29 occupied) charging over $15,900 per month in gross potential rent. Of the 29 units - 12 units have been turned with light renovations which consist of new carpet and paint, vinyl flooring in the kitchen when needed, and appliances when needed. Newly turned units (and lease renewals) are being tenanted at $950 with the average cost to turn a unit ranging from $1500-$4,000. The last unit to be leased in the building was at $950 per month, and the average rent per unit in the property is currently at $800 per month. All leases are renewed on a month-to-month lease. The other vacant units will be filled on month to month leases in the next 30 days. (see below)
******************** 18511 Joy Rd. Detroit MI is the sister building to this property and not included in the sale.************************
**********************Seller is willing to sale both buildings together if interested. Call for pricing. ***********************************
******************** 18511 Joy Rd. Detroit MI is the sister building to this property and not included in the sale.************************
**********************Seller is willing to sale both buildings together if interested. Call for pricing. ***********************************
Property Details
- Class
- C
- Year Built
- 1970
- Stories
- 3
- Lot Size (sq. ft)
- 20,909 SF
- Units
- 29
Nearby Properties
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