Location
EXECUTIVE SUMMARY:
The Flats on Woodward are premier apartments close to everything you love about the city of Ferndale. Traveling around the Metro Detroit area from Ferndale is easy with convenient access to I-75 and I-696, as well as public transportation. It is a quick drive to Downtown and Midtown Detroit including Wayne State University, and other vibrant communities including Royal Oak, Berkley, and Birmingham.
This property has 3 studios (250-425 square feet), 27 one-bedroom / one-bath units (460 square feet), 3 one-bedroom / one-bath (530-750 square feet) and 2 one-bedroom / one-bath apartment homes (1,000 square feet). The Flats on Woodward were built in 1961 and completely renovated in 2020.
In addition to the multifamily units, there are two other income streams:
A commercial space of 1,890 square feet currently leased to one tenant, and a billboard which brings in $30,000 per year.