Vester Heights Apartments 244 Vester St 8 Unit Apartment Building $3,750,000 ($468,750/Unit) 4.70% Cap Rate Ferndale, MI 48220

Vester Heights Apartments | Ferndale, Michigan
Vester Heights Apartments is a boutique, newly constructed 8-unit luxury multifamily community perfectly positioned in the heart of Downtown Ferndale—one of Metro Detroit’s most vibrant and walkable urban districts. Built in 2022 with premium materials and modern design, this property offers an exceptional opportunity to acquire a high-performing, low-maintenance asset in a top-tier location.
The community consists of four (4) spacious one-bedroom, one-bath units and four (4) large three-bedroom, three-bath units, each meticulously designed with open floor plans, contemporary finishes, premium cabinetry, stainless steel appliances, and in-unit laundry. All units are individually metered for electric, gas, and water, enabling highly efficient operations and reduced ownership expense.
Residents enjoy the convenience of on-site parking for every unit, including private garage spaces for each of the four 3-bedroom residences—a rare amenity in this walkable downtown setting. The property’s thoughtful layout, upscale interiors, and unbeatable location have made it a highly desirable community, achieving and maintaining 100% occupancy since opening.
Just steps from Ferndale’s renowned nightlife, restaurants, craft breweries, coffee shops, boutique retail, and year-round events, Vester Heights attracts residents seeking a premium urban lifestyle with immediate access to everything the downtown district has to offer.
With its combination of modern construction, strong rental demand, and exceptional walkability, Vester Heights Apartments represents a rare chance to acquire a long-term, institutional-quality asset in one of Southeast Michigan’s most dynamic rental markets.
Broker is the owner and developer of the property.