North Park Avenue Apartments
Multifamily Redevelopment Opportunity | 19 acres | Workforce Housing
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Investment highlights
19-Acre Redevelopment Site | R-1-P Zoning with Approved Multifamily Plan
312 Units with Preliminary Site Plan Approval with a Suburban Style Apartment Community Design with 3.25+/- Acres of Parks and Open Space within the Development
Projected NOI at Stabilization: $4.2 Million | 7.00 % Cap Rate
Value at Stabilization: $63.9 Million ($204K Per Unit)
Prime Warren Location | Strong Population Base of 345K+ Within 5 Miles
Robust Demographics: $76,877 Avg. HHI| 345,865 PPL w/in 5-Mile
Accessible Corridor – Proximity to I-696, I-75, and Major Employers
Investment Opportunity – High-Demand Metro Detroit Multifamily Submarket
Within 15 minutes or 6.2 miles from University of Detroit Mercy Main Campus, McNichols. It is also near Oakland Community College, Royal Oak Campus and Marygrove College.
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