Contacts
Property Details
- Property Type Other
- Units 27
- Date Updated Feb 11, 2025
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.
Detroit Market Outlook
- Demand: Demand for apartments in Detroit increased to a three-year high.
- New construction: New construction slowed down, which reduced supply-side pressures.
- Absorption: New apartment construction was absorbed in the suburbs, but it was more difficult to absorb in the city.
- Operating expenses: Operating expenses at many buildings increased, including labor and insurance costs.
Rent Growth Outlook
- Rent growth is expected to continue to improve over the next 12–18 months.
- Rent growth is expected to accelerate, surpassing 5% by mid-2025.
- The gap between new supply and demand narrowed to its smallest point since early 2021, suggesting market stabilization in 2025.
Reach out to the broker for more info on lease terms and amenities
Highlights
- Recently Renovated through 2024
- Each Unit Features Stove, Refrigerator, AC Unit
- Historically Strong Occupancy
- Ability to Implement Utility RUBS Program
Getting around
-
56/100
Walk Score ®
-
44/100
Transit Score ®
-
45/100
Bike Score ®
Location
- City Detroit, MI
- Neighborhood Brooks
- Zip Code 48227
- Market Detroit
Points of Interest
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CDM Transport LLC
2.94 miles
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Walnut Grove Station
4.85 miles
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Smith's Creek Depot Station
4.91 miles
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Dearborn
5.06 miles
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Firestone Station
5.12 miles
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Grand Boulevard
6.33 miles
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Detroit
6.40 miles
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Baltimore Street
6.40 miles
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Amsterdam Street
6.50 miles
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Ferry Street
6.71 miles
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Sunoco
0.04 miles
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Marathon
0.13 miles
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Zoom
0.53 miles
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Citgo
0.62 miles
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Clark
0.85 miles
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UF
0.88 miles
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Rhombus Energy Solutions
4.64 miles
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Detroit Pistons Performance Center
6.17 miles
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Tesla Supercharger
6.35 miles
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Wayne State University - Lot #50
6.40 miles
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MRC parking lot
3.00 miles
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Paid Parking
3.14 miles
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Parking Lot G
3.40 miles
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Vistor Parking Lot A
3.43 miles
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Vistor Parking Lot B
3.46 miles
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Parking Lot C
3.52 miles
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Parking Lot E
3.54 miles
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Parking Lot D
3.56 miles
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Student / Vistor Parking Lot B
3.88 miles
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Holiday Inn Express & Suites
2.85 miles
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SpringHill Suites Detroit Dearborn
2.89 miles
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Residence Inn Detroit Dearborn
2.94 miles
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TownePlace Suites Detroit Dearborn
2.95 miles
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Doubletree by Hilton Hotel Detroit-Dearborn
3.16 miles
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Hawthorn Suites By Wyndham Dearborn
3.17 miles
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Park Drive Motel
3.28 miles
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Royal Budget Inn
3.30 miles
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Courtyard Detroit Dearborn
3.43 miles
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Americas Best Value
3.81 miles
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Americana Foods
0.27 miles
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Food Giant
1.01 miles
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Food 4 Less
1.16 miles
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Sea-Way Supermarket
1.29 miles
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Grand Price Supermarket
1.41 miles
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Banner Supermarket
1.69 miles
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Save-A-Lot Grocery Store
1.90 miles
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Save-A-Lot
2.08 miles
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Greenland Market
2.16 miles
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Fair Line Food Center
2.19 miles
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.
