730 Whitmore Rd - Apartments FOR SALE


Highland Park, MI 48203
$1,475,000 USD
313-478-5400

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$1,475,000 USD
Apartments - FOR SALE
null | Request Cap Rate

730 Whitmore Rd
Highland Park, MI 48203


HIGHLIGHTS

  • 34 Unit Apartment Building
  • Prestigious Palmer Park Location Adjacent to the Detroit Golf Club
  • Spacious Units
  • Full Basement with Plenty of Storage
  • Certificate of Compliance with City of Detroit
  • Boiler & Elevator Certification Completed

OVERVIEW

Warwick Apartments is a stately 34-unit multifamily building located just outside Downtown Detroit, boasting strong occupancy. Excellent Palmer Park location directly adjacent to the Detroit Golf Club, the city's elite country club that hosts the PGA Tour's annual Rocket Mortgage Classic. Rare opportunity to acquire a brick multifamily building in a largely single-family residential community with rent-growth potential. Surrounding area boasts a 2 -mile population of 50,000 residents, almost half of which rent as their primary form of housing. Detroit's multifamily market is rapidly expanding with a steady stream of new inventory coming to the market, followed by low vacancy and rent growth. The Detroit Multifamily Market is rapidly expanding to help accommodate the need for rental housing. About 3,700 new units were delivered over the past 12 months as developers look to capitalize on this friendly multifamily environment. The market currently boasts a vacancy rate of 7.5% and consistent long-term annual rent growth, which posted another robust growth metric of 2% this year. Do not miss the opportunity to acquire an essential stake in the Detroit Multifamily Market directly adjacent to the elite Detroit Golf Club with lease-up value-add upside.

FOR SALE DETAILS

PRICE

$1,475,000 USD

PRICE/SF

$41 USD /SF

# OF UNITS

34

PRICE/UNIT

$43,382

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

WARWICK APARTMENTS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

4

YEAR BUILT

1929

PARKING SPACES

-

LAND DETAILS

LAND ACRES

-

LAND SF

-

ZONING

R5

APN/PARCEL ID

-

ASK ABOUT THIS PROPERTY

Frank RakipiThomas Duke CompanyMore Info
313-478-5400

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Frank RakipiThomas Duke CompanyMore Info
313-478-5400

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.