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18401-18511 Joy Rd
Detroit, MI 48228
Penrod Manor/Faust Manor Apartments · Multifamily Property For Sale
·
58 Units
Investment Highlights
- 90% of the units have been completely remodeled.
- The Franklin Park neighborhood, the area has shown consistent demand with average market rents for renovated units in the $875 to $950.
- Easy access to the Southfield Freeway (M-39) and I-96,
- 29-unit buildings (58 units total), featuring a uniform 1-bedroom, 1-bathroom layout—the highest demand configuration for the local demographic.
Executive Summary
Penrod Manor & Faust Manor Apartments presents a rare "turn-key" value-add opportunity in the heart of Detroit’s 48228 zip code. The current ownership has strategically de-risked the investment by vacating both buildings to perform a comprehensive, high-end renovation of the asset.
With 90% of the units already fully remodeled, the heavy lifting of the capital improvement plan is complete. The property is now positioned for a rapid stabilized lease-up, allowing an investor to capture top-of-market rents in a submarket characterized by high occupancy and a shortage of renovated workforce housing. By leveraging the remaining 10% value-add potential and professional management, the asset is projected to deliver a Proforma Annual NOI of $250,000.
This is an ideal acquisition for an investor seeking a clean, modernized asset with significant immediate upside through stabilization and long-term appreciation in one of Detroit’s most resilient rental corridors.
Property Highlights
Substantial Capital Improvements: 90% of the units have been completely transformed with new flooring, modern kitchen cabinetry, updated bathrooms, new furnaces, all new plumbing and energy-efficient windows.
Optimal Unit Mix: The portfolio consists of two identical 29-unit buildings (58 units total), featuring a uniform 1-bedroom, 1-bathroom layout—the highest demand configuration for the local workforce demographic.
Strategic Vacancy for Delivery: The owner intentionally vacated the buildings to facilitate a seamless, high-quality renovation, providing the buyer with a "blank canvas" for tenant screening and lease-up.
Strong Financial Upside: Proforma projections indicate an Annual NOI of $250,000 upon full occupancy, offering a superior yield compared to older, un-renovated "Class C" assets in the area.
Location & Accessibility: Situated on Joy Road with a Walk Score of 73 (Very Walkable), the property offers residents easy access to the Southfield Freeway (M-39) and I-96, placing major employment hubs in Dearborn and Downtown Detroit within a 15-minute drive.
Market Resilience: Located in the Franklin Park neighborhood, the area has shown consistent demand with average market rents for renovated units in the 48228 zip code trending between $875 – $950/month.
With 90% of the units already fully remodeled, the heavy lifting of the capital improvement plan is complete. The property is now positioned for a rapid stabilized lease-up, allowing an investor to capture top-of-market rents in a submarket characterized by high occupancy and a shortage of renovated workforce housing. By leveraging the remaining 10% value-add potential and professional management, the asset is projected to deliver a Proforma Annual NOI of $250,000.
This is an ideal acquisition for an investor seeking a clean, modernized asset with significant immediate upside through stabilization and long-term appreciation in one of Detroit’s most resilient rental corridors.
Property Highlights
Substantial Capital Improvements: 90% of the units have been completely transformed with new flooring, modern kitchen cabinetry, updated bathrooms, new furnaces, all new plumbing and energy-efficient windows.
Optimal Unit Mix: The portfolio consists of two identical 29-unit buildings (58 units total), featuring a uniform 1-bedroom, 1-bathroom layout—the highest demand configuration for the local workforce demographic.
Strategic Vacancy for Delivery: The owner intentionally vacated the buildings to facilitate a seamless, high-quality renovation, providing the buyer with a "blank canvas" for tenant screening and lease-up.
Strong Financial Upside: Proforma projections indicate an Annual NOI of $250,000 upon full occupancy, offering a superior yield compared to older, un-renovated "Class C" assets in the area.
Location & Accessibility: Situated on Joy Road with a Walk Score of 73 (Very Walkable), the property offers residents easy access to the Southfield Freeway (M-39) and I-96, placing major employment hubs in Dearborn and Downtown Detroit within a 15-minute drive.
Market Resilience: Located in the Franklin Park neighborhood, the area has shown consistent demand with average market rents for renovated units in the 48228 zip code trending between $875 – $950/month.
Property Facts
| Price Per Unit | $56,844 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.48 AC |
| Cap Rate | 10.42% | Building Size | 48,651 SF |
| No. Units | 58 | Average Occupancy | 55% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1972/2026 |
| Apartment Style | Low-Rise | Parking Ratio | 0.96/1,000 SF |
| Zoning | B4 - Muli-family Residential | ||
| Price Per Unit | $56,844 CAD |
| Sale Type | Investment |
| Cap Rate | 10.42% |
| No. Units | 58 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.48 AC |
| Building Size | 48,651 SF |
| Average Occupancy | 55% |
| No. Stories | 3 |
| Year Built/Renovated | 1972/2026 |
| Parking Ratio | 0.96/1,000 SF |
| Zoning | B4 - Muli-family Residential |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Renters Insurance Program
- Hearing Impaired Accessible
- Maintenance on site
- Vision Impaired Accessible
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 58 | $1,254 CAD | 630 |
Property Taxes
| Parcel Numbers | Improvements Assessment | $0 CAD | |
| Land Assessment | $0 CAD | Total Assessment | $1,287,725 CAD |
Property Taxes
Parcel Numbers
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,287,725 CAD
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