12850 Dolphin St - Apartments FOR SALE


Detroit, MI 48223- Brightmoor
$5,980,000 USD
313-704-2678
12850 Dolphin St, Detroit, MI for Sale
$5,980,000 USD
Apartments - FOR SALE
1/21
null | 10.61% Cap Rate

12850 Dolphin St
Detroit, MI 48223
Brightmoor


OVERVIEW

Dolphin Gardens is comprised of 76 one-bedroom/one-bath apartments; 50 two-bedroom/one-bath apartments; one single-family home; and one office. The current owner has invested significant capital in extensive renovations, modernizing 89 units with new kitchens, bathrooms, and flooring. Additional improvements include upgrades to furnaces, hot water tanks, boilers, laundry facilities, and common areas—positioning Dolphin Gardens as a well-maintained, income-stabilized investment opportunity within Detroit’s strong rental market. The property offers excellent connectivity, positioned near I-94 and U.S. Route 24 (Telegraph Road), two major corridors linking Detroit to its surrounding suburbs and key employment centers. Anchored by top cultural institutions and universities, and bolstered by projects like the Detroit Center for Innovation and Michigan Central Innovation Center, the region is rapidly emerging as a hub for technology, education, and investment. Dolphin Gardens Apartments is a well-maintained 130-unit multifamily community located at 12850 Dolphin Street in Detroit, Michigan. Spanning 18 buildings, the property offers a balanced mix of unit types and heating systems designed for efficient operations. The primary building includes 48 boiler-heated units with ownership providing gas and water, while tenants pay for electricity. The remaining 82 units are equipped with individual furnaces and are separately metered for gas and electric, with ownership covering water service—creating a favorable balance between tenant responsibility and owner-controlled expenses. Property tours begin Tuesday, November 18th from Noon - 1:00 PM

FOR SALE DETAILS

PRICE

$5,980,000 USD

PRICE/SF

$52 USD /SF

# OF UNITS

130

PRICE/UNIT

$46,000

CAP RATE

10.61%

% LEASED

93%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Dolphin Gardens

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1955

PARKING SPACES

75

LAND DETAILS

LAND ACRES

4.73 AC

LAND SF

206,039 SF

ZONING

PD

APN/PARCEL ID

22-1247317

ASK ABOUT THIS PROPERTY

Vincent MazzolaO'Connor Real EstateMore Info
313-704-2678

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Vincent MazzolaO'Connor Real EstateMore Info
313-704-2678

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