Buy&Hold (Multifamily) (18 units) 15024 Joy Rd, Detroit, MI 48228 - Available
Updated: Aug 25
Multifamily Investment Opportunity
Price
$700,000
18 Units - 13,360 SF
(11 out of 18 occupied)
🏢 Off-Market Multifamily Investment Opportunity in Detroit, MI
📍 Address: 15024 Joy Rd, Detroit, MI 48228
🔑 Property Type: Multifamily (18 units)
📊 Occupancy: 11 occupied units, 7 vacant units
💼 Investment Strategy: Buy & Hold
Welcome to a remarkable investment opportunity in the heart of Detroit's thriving real estate market. This all-brick multifamily property, boasting 18 units, presents an ideal chance for astute investors looking to expand their portfolio. Situated at 15024 Joy Rd, this property is strategically positioned for growth and long-term value.
Key Features:
Unit Composition: This multifamily gem comprises 18 well-designed units, of which 11 are currently occupied, showcasing its desirability among tenants.
Value-Add Potential: Unlock the potential for substantial value appreciation by renovating and leasing the 7 vacant units. With the recent investment of $60,000 for basement waterproofing and installation of beams, the foundation for improvements has been solidified.
Rent Ready Vacancies: Getting the vacant units rent-ready is a hassle-free endeavor, with estimated costs under $1,000 per unit. This presents an attractive opportunity to quickly enhance rental income.
Stabilization Investment: With a recommendation of $100,000 allocated for renovations, envision the property's value soaring to its stabilized potential, securing consistent returns over time.
Financial Insights: Leases and comprehensive financial information are thoughtfully attached below, empowering you with a transparent overview of the property's performance.
Detroit's real estate market has been on an upward trajectory, making this an opportune moment to acquire a substantial foothold. As an investor, you have the chance to capitalize on both immediate cash flow and the long-term appreciation that this multifamily property promises.
Investment Details:
🏢 Total Units: 18
🏠 Occupied Units: 11
🏠 Vacant Units: 7
💰 Asking Price: $700,000
Embrace the potential for remarkable returns and the satisfaction of transforming a property into a vibrant living space that tenants are eager to call home. To explore this exceptional investment, connect directly with our representative: 📧 Email: sarter@promiselandrealtyllc.com
Seize the opportunity to own a piece of Detroit's real estate resurgence. Act swiftly and submit your offers to secure your position in this promising venture.
Property Photos
https://www.dropbox.com/scl/fo/li4bvhfc1klilkxrujvmg/h?dl=0&rlkey=m3m8f5065s24bugebvefdabuo
Additional Information
Leases and Ledgers - https://www.dropbox.com/scl/fo/1qxa81ysnlw4gs8dmb2rf/h?dl=0&rlkey=5wtmh2j6o676785s6j715fbh8
Property Map
"Your #1 Source for Off Market Investment Properties, NATIONWIDE"
PROMISE LAND REALTY, LLC
Work: 864-762-2509
sarter@promiselandrealtyllc.com
All Off Market Properties are sold 'As-Is'. Buyer must do their due diligence. Sold on warranty deed. We are selling our assignable interest. Proof of Funds is required with all offers. Earnest Money Deposit due within 48 hours of accepted offer. Closings are done quickly and with a title company/closing attorney. *Realtors add your fee on top*