The Richmond Apartments consist of 19 units located along Lothrop Avenue directly across the street from the iconic Fisher Building in the historic New Center District. This location is extremely close to the Woodward corridor, the Lodge Freeway, and downtown. The Richmond was built in 1921 and has been well maintained over the years.
The unit breakdown at Richmond is comprised of 2 retail units and 17, one-bedroom units that are approximately 650 square feet. Average street rents for the retail space is $1,025 and street rents average $750 on the one-bedroom units. In addition to rent, management also charges a $50 per unit utility charge. After a detailed review of the surrounding market, IPO has determined that rental rates at Richmond are considerably below market by as much as $100 on one-bedrooms.
The property is separately metered for electric and heat is Landlord-Paid and supplied by a boiler-fed hot-water baseboard heating system. Water is also master-metered and the responsibility of the Landlord.
NEW CENTER COURT:
Located less than ¼ mile north of The Richmond off Seward Avenue is the 37-unit New Center Court Apartments. As with its sister property, residents of New Center Court enjoy an exceptional location near the Woodward corridor, major freeways, and downtown. The building was built in 1923 and is in excellent condition for its age.
The property boasts an incredibly attractive unit mix of 31 one-bedroom units and 6, two-bedroom units ranging in size from approximately 650 to 800 square feet. Average street rents range from $775 to $925 and management also charges a $50 per unit utility charge. As with Richmond, our detailed rental study has revealed that rental rates at New Center Court are substantially below market levels. Specifically, we have found that one-bedroom units are nearly $100 below market, whereas two-bedroom units are a staggering $300 below market.