Location

EXECUTIVE SUMMARY:

This excellent Detroit location is about 20 minutes from downtown Detroit and within easy access to I-94. Located just west of I-94, and as you head west on Cadieux Road, you will find Cadieux Apartments on the south side of the street. It is a well-maintained, quiet, multifamily community. This building was built in 1953 and has a combined 17 units. The property offers a diversified and extremely competitive unit mix comprised of 13 one-bedroom units with approximately 650 sq.ft. of living space and 4 two-bedroom units with approximately 800 sq.ft. of living space. The landlord is responsible for the water and electric in the common areas. The tenants are responsible for their own gas & electric. The units have individual, gas-forced air furnaces with center air.

Cadieux Apartments is currently part of the Michigan State Housing and Development Authority’s Low Income Housing Tax Program (“LIHTC”) and is governed under Section 42 of the Code. As a result of this association, the property receives reduced property tax exposure via a PILOT ordinance, which allows for a service charge of 10% in lieu of taxes; however, 100% of the units must be rented to families whose income does not exceed certain percentages of the area median gross income. Current income limits for Wayne County can be found on the following link (link to MSHDA Income Limits). The Regulatory Agreement on Cadiuex Apartments was established in November of 2003. The “Initial 15 year Compliance Period’ has expired and there are approximately 14 years remaining on the extended use period. With the property now in the extended use period a new owner could remove it from the program thereby lifting the income restrictions if they chose to do so.

The current owner places a high priority on making Cadieux Apartments a welcome place for its residents.

MEET OUR TEAM

GregoryDCoulter

Founder | Managing Member, Michigan

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Jason Gardner

Partner | Associate Broker, Michigan

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J.J. Zwada

Associate Broker, Michigan | Managing Broker, Indiana

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Associate Broker, Michigan | Broker, Ohio

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Bruce Lister

Sales Associate Michigan and Ohio

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John Teringo

Sales Associate Michigan and Ohio

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Joseph Crane

Sales Associate Michigan

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Paul McHugh

Sales Associate Michigan | Associate Broker Ohio

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Matt Seeley

Associate Broker, Michigan | Executive Assistant

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Sales Associate, Michigan | Broker, Indiana

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