The Loop on Greenfield | 25500 Greenfield Rd
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The Loop on Greenfield 25500 Greenfield Rd
717 Unit Apartment Building $89,800,000 ($125,244/Unit) 5.90% Cap Rate Oak Park, MI 48237
Investment Highlights
- Excellent Metro Detroit Location
- Value-add Potential
Executive Summary
The LOOP on Greenfield is being offered as a new debt investment, priced significantly below its 2022 appraised value of $104 million.
A key advantage of this offering is the transferrable OPRA tax abatement, which remains in effect until December 30, 2027. This abatement provides new ownership with tax savings exceeding $400,000 per year over the next three years.
The LOOP boasts an attractive mix of studio, one, and two-bedroom apartments ranging from 400-875 SQFT. The property was built in 1965 and has been well maintained over the years. We estimate approximately $2.5M in capital improvements will be required over the next few years to address a handful of down units, entry doors, some roofs, parking lots and landscaping. When it comes to units, ownership has completed the upgrade of approximately200 with new kitchens, appliances, flooring and fixtures. On average these units achieve rents roughly $100 above classic units.
As it pertains to the NOI, IPO has projected it to reach $5.3M in year one based on current leasing and rent growth trends and by year two we anticipate the NOI to easily eclipse $5.9M. At this level the NOI equates to an attractive 9% ROI.
The LOOP on Greenfield represents an exceptionally well-located asset in Oak Park, poised for new ownership with a value-add mentality.
A key advantage of this offering is the transferrable OPRA tax abatement, which remains in effect until December 30, 2027. This abatement provides new ownership with tax savings exceeding $400,000 per year over the next three years.
The LOOP boasts an attractive mix of studio, one, and two-bedroom apartments ranging from 400-875 SQFT. The property was built in 1965 and has been well maintained over the years. We estimate approximately $2.5M in capital improvements will be required over the next few years to address a handful of down units, entry doors, some roofs, parking lots and landscaping. When it comes to units, ownership has completed the upgrade of approximately200 with new kitchens, appliances, flooring and fixtures. On average these units achieve rents roughly $100 above classic units.
As it pertains to the NOI, IPO has projected it to reach $5.3M in year one based on current leasing and rent growth trends and by year two we anticipate the NOI to easily eclipse $5.9M. At this level the NOI equates to an attractive 9% ROI.
The LOOP on Greenfield represents an exceptionally well-located asset in Oak Park, poised for new ownership with a value-add mentality.
Financial Summary (Pro forma - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Pro forma - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $89,800,000 | Building Class | C |
| Price Per Unit | $125,244 | Lot Size | 19.56 AC |
| Sale Type | Investment | Building Size | 717,609 SF |
| Cap Rate | 5.90% | Average Occupancy | 99% |
| No. Units | 717 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1965/2019 |
| Property Subtype | Apartment | Parking Ratio | 1.73/1,000 SF |
| Apartment Style | Garden |
| Price | $89,800,000 |
| Price Per Unit | $125,244 |
| Sale Type | Investment |
| Cap Rate | 5.90% |
| No. Units | 717 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 19.56 AC |
| Building Size | 717,609 SF |
| Average Occupancy | 99% |
| No. Stories | 3 |
| Year Built/Renovated | 1965/2019 |
| Parking Ratio | 1.73/1,000 SF |
Unit Amenities
- Air Conditioning
- Cable Ready
- Disposal
- Storage Space
- Heating
- Ceiling Fans
- Kitchen
- Range
- Tub/Shower
- Walk-In Closets
- Carpet
- Dining Room
- Window Coverings
Site Amenities
- Courtyard
- Fitness Center
- Laundry Facilities
- Playground
- Pool
- Property Manager on Site
- Maintenance on site
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 43 | $840.50 | 400 |
| 1+1 | 297 | $967.00 | 685 |
| 2+1 | 155 | $1,102 | 865 |
| 2+1 | 90 | $1,155 | 865 |
| 2+1 | 22 | $1,141 | 875 |
| 2+1 | 110 | $1,224 | 875 |
Walk Score®
Very Walkable (73)
PROPERTY TAXES
| Parcel Number | 25-19-301-012 | Total Assessment | $1,489,400 (2024) |
| Land Assessment | $1,489,400 (2024) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $0 (2024) | Tax Year | 2025 |
PROPERTY TAXES
Parcel Number
25-19-301-012
Land Assessment
$1,489,400 (2024)
Improvements Assessment
$0 (2024)
Total Assessment
$1,489,400 (2024)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
zoning
| Zoning Code | RM-1 |
| RM-1 |
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The Loop on Greenfield | 25500 Greenfield Rd
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