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 Whittier Road, you will find Whittier Apartments on the south side of the street. It is a well-maintained, quiet, multifamily community. This building was built in 1958 and has a combined 21 units. The property offers a unit mix comprised of 21 one-bedroom units with approximately 533 sq.ft. of living space. The units have a hot water baseboard heating system. The landlord is responsible for the heat, water and electric in the common areas. The tenants are responsible for their own electric.

Whittier 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 4% of the annual net shelter rent 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 Whittier Apartments was established in November of 2004. The “Initial 15-year Compliance Period” has expired and there are approximately 15 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 Whittier Apartments a welcome place for its residents.

MEET OUR TEAM

GregoryDCoulter

Founder & Managing Member Michigan

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Jason Gardner

Associate Broker, Michigan

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J.J. Zwada

Associate Broker, Michigan | Managing Broker, Indiana

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A J Beachum

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 and 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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