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21201 Woodward Ave
Ferndale, MI 48220
Ferndale Flats on Woodward · Multifamily Property For Sale
·
35 Units
Investment Highlights
- - The property includes 1 leased retail space at $3k/month through 2026 and a billboard currently leased for $10k/year
- - New ownership, based upon area rent comps, can raise rents up to $90 / unit
- - Subject property has an assumable loan with a current balance of $2,307,000 at a 5.1% interest rate
- - Community amenities include laundry facilities on-site, secured/ gated surface parking, electric car charging station, and bike racks
- - Rent growth and median income is well above surrounding cities, while crime rate and vacancy rate are well below surrounding areas
- - The Ferndale submarket experienced 6.2% 12-month rent growth
Property Facts
| No. Units | 35 | Lot Size | 0.76 AC |
| Property Type | Multifamily | Building Size | 18,495 SF |
| Property Subtype | Apartment | Average Occupancy | 100% |
| Apartment Style | Low-Rise | No. Stories | 2 |
| Building Class | C | Year Built/Renovated | 1961/2019 |
| Zoning | BI - Mixed Use | ||
| No. Units | 35 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.76 AC |
| Building Size | 18,495 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1961/2019 |
| Zoning | BI - Mixed Use |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 29 | $811.50 | 250 - 425 |
| 1+1 | 4 | $977.50 | 450 - 750 |
| 2+2 | 2 | $1,227 | 1,000 |
Property Taxes
| Parcel Number | 25-34-455-034 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $999,210 |
Property Taxes
Parcel Number
25-34-455-034
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$999,210
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