The Property

• Chestnut Oaks is an eight-unit garden-style apartment community built in 1986 and located in Southfield, Michigan (Oakland County). The property comprises four one-bedroom/one-bath units (850 SF) and four two-bedroom/one-bath units (1,050 SF) across two two-story buildings on 0.70 acres. Current in-place rents average $1,225 for one-bedroom units and $1,375 for two-bedroom units, generating $124,800 in gross potential rent annually.
• The property is professionally managed by Silverside Management, with tenants responsible for electric while ownership covers water, gas, and trash. Construction features masonry exterior across two two-story walk-up buildings with 14 surface parking spaces (2.00/unit). Current annual operating expenses total approximately $38,800, covering real estate taxes, insurance, management, utilities, and contract services, producing a current Net Operating Income of approximately $88,000 - offering an investor a stabilized, income-producing asset in the Detroit metro submarket.
• The location offers strong walkability for residents, with an ALDI grocery store just a short walk away for everyday shopping needs. Additional retail, dining, and services are concentrated nearby along the Telegraph Road and Northwestern Highway corridors, giving tenants convenient access to daily necessities without relying on a car. This walkable convenience supports strong tenant retention and broadens the pool of prospective renters for the property.
• All eight units have been fully renovated with new flooring, updated fixtures, modernized kitchens, and in-unit washer/dryers. These comprehensive upgrades reduce near-term capital expenditure needs and help minimize ongoing maintenance and turnover costs, allowing a new owner to step into a turnkey, move-in-ready asset with predictable operating expenses.