10960 Balfour Road Sold
Details11,417 Square Feet Built In 1957
10960 Balfour Road is a 16-unit multifamily apartment building located in the Denby neighborhood in northeast Detroit in Wayne County. Built in 1957, the brick masonry building features 16 one-bedroom units (450 square feet each) and a classic low-rise, mid-century-style courtyard with balconies and patio areas. The city-certified rental with a lead hazard clearance certificate sits on 0.26 acres of landscaped grounds with green areas, concrete walkways, and shrubbery. Offered at 7.3% cap rate, 10960 Balfour Road is an opportunity for investors to acquire a fully stabilized asset at an attractive price point. Rents range from $600-$800 with tenants paying electricity. Ownership pays for heat and water. The boiler is newer with no issues. The roof is approximately 10 years old with 30-year dimensional shingles and static vents.
With its proximity to the cities of Harper Woods and Grosse Pointe, as well as the Detroit neighborhoods of East English Village and Morningside, 10960 Balfour Road allows residents to take advantage of a wide variety of dining and shopping. Wayne State University and Wayne County Community College provide higher education to residents. Locals commuting have instant access to I-94, which makes the 20-minute trip to Downtown Detroit and nearby Detroit City Airport convenient, as well as a direct interstate corridor to Detroit Metro Airport.
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