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730 Whitmore Rd
Highland Park, MI 48203
Warwick Apartments · Multifamily Property For Sale
·
34 Units
Investment Highlights
- 34 Unit Apartment Building
- Spacious Units
- Certificate of Compliance with City of Detroit
- Prestigious Palmer Park Location Adjacent to the Detroit Golf Club
- Full Basement with Plenty of Storage
- Boiler & Elevator Certification Completed
Executive Summary
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.
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.
Property Facts
| Price Per Unit | $39,706 | Apartment Style | Mid-Rise |
| Sale Type | Investment | Building Class | C |
| No. Units | 34 | Building Size | 36,175 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 1929 |
| Zoning | R5 - Medium Density Residential | ||
| Price Per Unit | $39,706 |
| Sale Type | Investment |
| No. Units | 34 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Building Size | 36,175 SF |
| No. Stories | 4 |
| Year Built | 1929 |
| Zoning | R5 - Medium Density Residential |
Amenities
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Courtyard
- Tenant Controlled HVAC
- Smoke Free
- Smoke Detector
Property Taxes
| Parcel Number | 02-002597 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,101,000 |
Property Taxes
Parcel Number
02-002597
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,101,000
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