345 Marshall StFerndale, MI 48220

For Sale
$1,150,000

Luxury Ferndale Apartments, High Occupancy

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional Class A, 4-unit apartment building in Ferndale, MI, presents a compelling investment opportunity. Completed in June 2024, this newly constructed property boasts 3,850 square feet of net rentable space, featuring four 2-bedroom, 2-bathroom units, each with luxury finishes and in-unit laundry. Each unit includes a dedicated basement storage unit and is independently metered for gas and electric. Currently operating at 100% occupancy, the average in-place rent is $2,196 per unit per month, with short-term rental projections of approximately $3,700 per unit per month. The property includes five parking spaces and is situated just half a mile from downtown Ferndale, offering convenient access to Woodward Avenue, I-696, and I-75. Its prime location benefits from the strong rental market in Ferndale, close to affluent suburbs like Royal Oak and Birmingham. The property is offered free and clear of debt, providing a new owner with the flexibility to explore various financing options. The building's excellent condition and high occupancy rate promise strong, consistent cash flow with minimal anticipated capital expenditures. This is a rare opportunity to acquire a high-quality, newly constructed multifamily property in a thriving Michigan market. The property's APN is 24-25-34-180-006. The asking price is $1,150,000.

Property Details for 345 Marshall St

Property type
Multifamily properties, Apartment buildings
Square Feet
3,850 SF
Class
A
Year Built
2024
Buildings
1
Units
4

Location Insight

City
Ferndale
County
Oakland
State
Michigan
Latitude
42.4544016
Longitude
-83.1347224
345 Marshall St, Ferndale, Michigan

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
345 Marshall St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message