THE ASSET
The Auburn, Edman, and Milton (the “Property”) offers an exceptional investment opportunity to acquire a remarkable asset with a fabulous location in the thriving Midtown Detroit market. Comprised of three adjacent buildings, The Auburn offers 58 studio and one-bedroom units, The Edman includes one one-bedroom unit and seven two-bedroom units, and The Milton houses six one-bedroom units, totaling 72 apartments homes. The Property also features nine commercial spaces totaling over 9,000 square feet of retail space.
PROPERTY HIGHLIGHTS
- Remarkable Location: On Cass Avenue in the Heart of Detroit, within walking distance of numerous destination shops and boutiques, award-winning local
dining and craft breweries, Whole Foods Market, Transportation (QLine), and situated amongst Michigan’s Largest Employment District with 120K Downtown Workforce - Highly Desirable Rental Market: 95.7% Occupancy Market Wide | 4.4% Effective Rent Growth
- Value Enhancement Opportunity: Space available to add a Restaurant/Bar significantly increasing the annual revenue to the property and bolstering the
social activity and energy around the building - Upside Through Organic Rent Growth: Average Apartment Market Rents are approximately $560/Unit or $0.52/SF below the comparable market
- Phenomenal Physical Condition:
The Auburn: Constructed 2012
The Edman: Constructed 1916 - Fully Renovated in late 1990’s
The Milton: Constructed 1921 - Fully Renovated in 2016
All Buildings have been exceptionally well maintained - Value-Add Retail:
- Conversion of in-place retail tenants on gross leases to $25/SF NNN which has
been executed on three new leases at the Property
CONTACT US
Detroit Office
28411 Northwestern Highway,
STE 300
Southfield, MI 48034
Phone: 248.646.7701
Berkadia.com
Berkadia Team
Corey Krug
Senior Director
248.341.33388
Corey.Krug@berkadia.com
EJ Wujek
Senior Analyst
248.341.3348
EJ.Wujek@berkadia.com
Jason Krug
Senior Managing Director
248.341.3344
Jason.Krug@berkadia.com
Charley Henneghan
Director
248.341.3303
Charley.Henneghan@berkadia.com
Rick Brace
Senior Director
248.341.3319
Rick.Brace@berkadia.com
Colin Callaghan
Senior Managing Director
248.208.3470
Colin.Callaghan@berkadia.com
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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