Location

EXECUTIVE SUMMARY:

AVON PLACE APARTMENTS:
Avon Place Apartments (“Avon”) consists of 58 units located along Telegraph Road just south of Grand River Avenue and north of the I-96 Jefferies Freeway. This location provides residents easy access to both the suburbs to the north (4 miles) and downtown to the southeast (12 miles). This mid-rise community was built in 1969 and has been well maintained over the years.

The property is comprised of 58 one-bedroom units with approximately 700 sq.ft. of living space. Amenities include off-street parking, laundry facilities, landlord-paid heat, and tenant-paid air conditioning. The heat at the property is supplied by a gas-fired hot-water baseboard boiler. Tenants are responsible for their own electricity, phone, internet, and cable.

Avon is achieving stabilized occupancy levels at 93.1% and average rents for its one-bedroom units are at $671, or 96¢/sq.ft. Based on our detailed review of the rental market we are of the opinion that rental rates are significantly below market by $139 on a per square foot basis and $61 on a street rent basis.

ROUGE VALLEY APARTMENTS:
Rouge Valley (“Rouge”) is located just over two miles to the southeast of Avon Place and at the northern edge of the River Rouge Park, Detroit’s largest public Park. This low-rise style community was built in 1960 and has been well maintained over the years. Rouge Valley’s exceptional location just south of I-96 provides its residents with easy access to both the suburbs to the north (4 miles) and downtown Detroit to the southeast (10 miles).
Rouge is comprised of 31 one-bedroom units with approximately 650 sq.ft. of living space and 13 two-bedroom units with approximately 900 sq.ft. of living space. Amenities include off-street parking, laundry facilities, landlord-paid heat, and tenant-paid air conditioning. The heat at the property is supplied by a gas-fired hot-water baseboard boiler. Tenants are responsible for their own electricity, phone, internet, and cable.

Rouge Valley is currently performing exceptionally well with physical occupancy at 96.8%; however, upside remains through rental rate increases. Our rent comparable study has revealed that average rents at Rouge Valley when compared by the price-per-square-foot metric are approximately $15 below market on one-bedroom units and a staggering $153 below market on the two-bedroom units.

GREENFIELD SQUARE APARTMENTS:
Located less than three miles east of Rouge Valley is Greenfield Square Apartments. The property is situated off Greenfield Road just north of Grand River Avenue and east of the Southfield Freeway. This California-style community was built in 1956 and is comprised of 48 one-bedroom units that are approximately 625 sq.ft. Amenities include off-street parking, laundry facilities, landlord-paid heat, and tenant-paid air conditioning. The heat at the property is supplied by a gas-fired hot-water baseboard boiler. Tenants are responsible for their own electricity, phone, internet, and cable.

Greenfield Square is currently performing exceptionally well with occupancy at 95.8% and provides an investor with a turn-key asset from day one.

MEET OUR TEAM

GregoryDCoulter

Founder | Managing Member, Michigan

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Jason Gardner

Partner | Associate Broker, Michigan

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Associate Broker, Michigan | Broker, Ohio

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J.J. Zwada

Associate Broker, Michigan | Managing Broker, Indiana

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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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