Worthfield Apartments

Global Real Estate Advisors are pleased to present the exclusive offering of 11724 Greenfield, a stabilized, 27-unit multifamily property in Detroit. This turn-key investment property was built in 1964 and consists of 5 studios and 22 one-bedroom units, with each unit including a refrigerator, stove, A/C unit, and a spacious living layout. As of the end of January 2025, the property has only one vacancy, with an average rent of about $819. The deal comes with substantial rental upside, as about half of the tenants are below market rents. There is also operational income potential by implementing a utility reimbursement program. 

Detroit Market Outlook

• Demand: Demand for apartments in Detroit increased to a three-year high. 
• New construction: New construction slowed down, which reduced supply-side pressures. 
• Absorption: New apartment construction was absorbed in the suburbs, but it was more difficult to absorb in the city. 
• Operating expenses: Operating expenses at many buildings increased, including labor and insurance costs. 

Rent Growth Outlook

• Rent growth is expected to continue to improve over the next 12–18 months. 
• Rent growth is expected to accelerate, surpassing 5% by mid-2025. 
• The gap between new supply and demand narrowed to its smallest point since early 2021, suggesting market stabilization in 2025.