15805 Baylis is closely situated to the crossroads of Livernois and W. McNichols Ave; it is minutes from the John C Lodge and Davison freeways and 2 miles from I-96 and I-75. The close proximity to these major freeways makes living at Baylis extremely attractive to tenants as it cuts down on commuting times substantially, and is also near many bus options. 15805 Baylis was built in 1927 and consists of 23 units; 3 studios, 9 one-bedrooms, 10 two-bedrooms, and 1 three-bedroom unit. Attractive features of this property include gated entry to the building, parking lot, and on-site coin laundry.
The City of Detroit is not only Michigan’s largest city, but also the seat of Wayne County, whose population exceeds 1.8 million. Detroit is the major cultural, financial, and transportation center in the Metro Detroit area and serves as the major port on the Detroit River connecting the Great Lakes system to world markets. In 2010, the city had a population 713,854 and was ranked as the 18th most populous city in the United States. The Detroit-Windsor area – a critical commercial link straddling the Canada-U.S. border – has a total population of about 5.7 million.
Detroit is the birthplace of the automobile and is synonymous with the American automobile industry. Downtown Detroit has seen an explosive revitalization in recent years and has become the preeminent entertainment destination in Southeastern Michigan. With the opening of three new casino resort hotels, two new stadiums and the continued redevelopment of the Detroit Riverwalk, social activities abound. Shrewd and well-capitalized investors are now vying for access to the downtown, midtown and riverfront sub-markets. Several other noteworthy developments are also underway in Detroit, signaling a renaissance that has finally begun to materialize.
Over the course of the last few years, the City of Detroit has seen a major revitalization of its downtown and it is only a matter of time until this growth extends into the outlying areas. As of late, rental rates in the downtown area are reaching levels that are consistent with other major metropolitan areas and are an excellent indicator of this market’s potential for multifamily investors.