516 Neff Ln - Apartments FOR SALE


Grosse Pointe, MI 48230
$3,995,000 USD
734-210-3789
516 Neff Ln, Grosse Pointe, MI for Sale
$3,995,000 USD
Apartments - FOR SALE
1/47
null | 5.45% Cap Rate

516 Neff Ln
Grosse Pointe, MI 48230


HIGHLIGHTS

  • Recent Capital Improvements completed to a portion of the units and building systems
  • Value-Add Upside through continued interior renovations and rent growth
  • Attractive Suburban Location in a supply-constrained rental market
  • Ample On-Site Parking and well-maintained common areas
  • 20-Unit Multifamily Community in the highly desirable Grosse Pointe submarket

OVERVIEW

Exceptional opportunity to acquire a well-located 20-unit multifamily asset in the heart of Grosse Pointe, one of Metro Detroit’s most desirable and supply-constrained rental markets. This stabilized community offers immediate cash flow with significant upside through continued rent growth and value-add execution. The property features a strong unit mix with spacious floor plans, well-maintained interiors, and a history of high occupancy. Current ownership has completed substantial capital improvements in recent years, including renovations to a portion of the units, allowing a new owner to continue implementing a proven renovation and rent-increase strategy. Situated in a premier residential setting near the waterfront, top-rated schools, retail, dining, and major employment corridors, the property benefits from consistent tenant demand and long-term market stability. Grosse Pointe’s limited multifamily inventory and strong demographic profile create a compelling environment for sustained rental growth and asset appreciation. With in-place income, professional management history, and clear value-add potential, this offering is ideal for investors seeking a stabilized asset with both immediate yield and long-term upside in a premier suburban market.

FOR SALE DETAILS

PRICE

$3,995,000 USD

PRICE/SF

$200 USD /SF

# OF UNITS

20

PRICE/UNIT

$199,750

CAP RATE

5.45%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Neff Lane Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1972

PARKING SPACES

22

LAND DETAILS

LAND ACRES

0.97 AC

LAND SF

42,253 SF

ZONING

R-T MULTI-FAMILY RESIDENT

APN/PARCEL ID

37-004-99-0009-000

ASK ABOUT THIS PROPERTY

Mac LaforestPinnacle Plus Realty LLCMore Info
734-210-3789

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Mac LaforestPinnacle Plus Realty LLCMore Info
734-210-3789

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