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$1,375,000
Est. payment /mo
8 Baths
0.77 Acres Lot
UPDATED:
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Municipality Southfield City
Subdivision Southfield City
MLS Listing ID 20261058360
Year Built 1986
Annual Tax Amount $16,378
Lot Size 0.770 Acres
Acres 0.77
Lot Dimensions 100 x 305
Source Realcomp
Property Description
Chestnut Oaks is an 8-unit, fully occupied garden-style apartment community in Southfield offering a turnkey multifamily investment opportunity. Built in 1986, the property spans two 2-story buildings totaling approximately 7,600 SF on a 0.70-acre lot, zoned RM. Unit mix includes four 1BR/1BA units (850 SF) and four 2BR/1BA units (1,050 SF), each featuring in-unit washer/dryer. Masonry construction, natural gas and wall furnace heat, and 14 parking spaces (2.00/unit). Landlord pays water and trash; tenants pay electric. Professionally managed by Silverside Management with strong historical occupancy. Current NOI of $92,517 reflects a 6.73% cap rate on the $1,375,000 asking price ($171,875/unit), with upside to a pro forma NOI of $93,429 (6.79% cap rate) through market rent adjustments. Convenient location near W 11 Mile Rd and Marshall St with easy access to major Southfield corridors. Property is tenant-occupied; showings by appointment only. Contact listing agent for financial package and additional details.
Location
State MI
County Oakland
Zoning Multi-Family
Direction W 11 Mile Rd between Southfield Rd and Telegraph Rd; property on south side of W 11 Mile between Fairfield Rd and Marshall St.
Exterior
View Y/N No
Building
Water Public
Others
Tax ID 2424226003
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
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Listed by Greater Development LLC
Nearby School & Business
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