12801 Kercheval St
Detroit, MI 48215
Gray Street Phase I and II · Multifamily Property For Sale · 34 Units

Alexander Real Estate Detroit is pleased to offer Gray Street Phase 1 and 2 consisting of four 2 bedroom and thirty 3 bedrooms apartment units and three, 1,000 square foot commercial space. Gray Street Phase 1 was built in 2005 as affordable housing and is in its last year of a 15 year tax credit deal. Gray Street Phase 2 was built in 2011 and is in its 8th year of the 15 year extended period. These buildings have been taken care of meticulously, and is currently 100% occupied with some of the tenants living in their units since developed, and a waitlist for future residents. Gray Street Phase 1 consists of 15 duplexes (30 units total) that have individual driveways and detached garages for each unit. Per the regulatory docs, 20% of the property must be rented to families at 45% median income and the other 80% must be rented at 50% income. Gray Street Phase 2 consists of 1 building that has three commercial units of 1,000 square feet each and 4 apartment units on top of the commercial. There are 15 parking spaces behind the property and ample spots on the street for parking. Per the regulatory agreement, Phase 2 has an income limit of 60% of median income. Phase 1 is on the 4% PILOT program for taxes and Phase 2 is on the 10% PILOT program. Regulatory docs are available upon request. To be noted by the buyer, after the 15 year tax credit period burns off the building is placed into an “extended” period where the building must continue to be kept affordable. Please do your own due diligence on MSHDA requirements and affordable housing. Regulatory docs and audits are available upon request.