3675 Oakman Boulevard
Sixteen-unit multifamily foreclosure in Detroit offered at $464,900 with a 9.00% cap rate and $99,887 NOI. The property comprises 10 one-bedroom units (516 SF each) and 6 studio units (288 SF each), generating $172,200 in gross potential rent at market rates of $1,000/month for one-bedrooms and $725/month for studios. Built in 1929, the 9,558 SF building sits on Oakman Boulevard with mass transit access directly across the street and is surrounded by established multifamily properties.
Each unit features in-unit furnace and hot water tank with separately metered heat and electric, enabling efficient utility management. A common basement laundry room serves residents. The pro-forma assumes 97.8% economic occupancy after 5% vacancy and collection loss, with operating expenses of $68,503 annually (40.7% of effective gross income). At the current 9.00% cap rate, the stabilized value is $1,109,851; sensitivity analysis shows values ranging from $1,248,583 at 8.0% cap to $1,051,438 at 9.5% cap.
Detroit is Michigan's largest city and a major Midwest hub for automotive manufacturing, healthcare, technology, logistics, and professional services. The market has attracted billions in public and private investment fueling downtown revitalization and neighborhood redevelopment. The property's one-mile radius includes 13,879 residents with a median household income of $34,419; the five-mile radius encompasses 419,339 residents with a median household income of $40,906.
- Foreclosure sale at $464,900; 9.00% cap rate on $99,887 NOI
- 16 units with strong market rents: $1,000/month (1BR) and $725/month (studio)
- Mass transit access directly across the street
- Each unit equipped with in-unit furnace, hot water tank, and separately metered utilities
- Positioned in Detroit's revitalization corridor with billions in redevelopment investment
More property details
Features & amenities
Location & transit
Transit/Subway
Buses
Commuter Rail
Airport
Well-located apartment building in Detroit with mass transit directly across the street and surrounded by established multifamily properties. Detroit is Michigan's largest city and a major Midwest hub for automotive manufacturing, healthcare, technology, logistics, and professional services.
- Mass transit access directly across street;
- Established multifamily neighborhood;
- Strategic Midwest location with U.S.–Canada border proximity; Extensive highway network and international airport access.
Transit data provided by Google. Times and distances are estimates.
Additional details
Detroit, Michigan offers investors a compelling combination of scale, redevelopment potential, strong economic drivers, and relatively attractive entry points compared with other major U.S. cities. Major regional economic center with billions in public and private investment fueling downtown revitalization, neighborhood redevelopment, infrastructure improvements, and new residential and commercial projects.
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