Colliers International has been retained as the exclusive advisor regarding the sale of 275-277 East 14 Mile Road (the “Property”). The Property is a two-unit, multifamily building (current duplex), just south of downtown Birmingham between Pierce Street and Edgewood Road. The Property is one mile south of Brown Street and one mile south of Barnum Park, placing it in a strong residential community. Tenants are within close proximity to a multitude of restaurants and eateries in downtown Birmingham, along with the numerous retailers that line Maple Road and Old Woodward. High-end establishments include Hyde Park Steakhouse, Café Via, Cameron’s Steakhouse, Rojo, and Phoenicia.
Birmingham is one of two Michigan cities that was largely unaffected by the recession of the late 2000’s. Occupancy has remained very high, especially within the multifamily sector, as occupancy in the city is hovering above 95.5%. Rents have continually risen providing for strong investment growth, along with the price appreciation of the assets. Given the current environment, this is an opportune time to acquire a multifamily asset; the product class will have positive momentum stretching well into the future. Investors/buyers should expect the terminal value of the asset to exceed its present day value, given the submarket’s consistency irrespective of the greater Metro’s overall performance.
Ownership has actively been rehabbing and renovating the Property - both units have been fully upgraded with appliances, countertops and furnishing, as well as a new roof installed in 2011.
**Old Woodward Downtown Infrastructure Project**
The Property also stands to benefit from The City of Birmingham’s Old Woodward reconstruction project. Beginning April 6, 2018, the project is now over 95% complete. The first phase of infrastructure improvements took place along Old Woodward between Oakland Avenue and Brown Street, less than a mile from the Property. The area is receiving extensive upgrades including new sewers, water mains, pavement, street lights, traffic signals, planters and parking meters.
