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The Property

Heritage Apartments is a meticulously renovated mixed-use asset comprising 12 luxury apartment units and two prime retail spaces, ideally situated in the core of Ferndale, Michigan. The property commands a premier position on Ferndale's most highly walkable and desirable street, offering residents and commercial tenants immediate access to a dense cluster of sought-after retail and restaurant destinations. The asset underwent an extensive, top-to-bottom gut renovation between 2023 and 2024, featuring comprehensive upgrades including a new roof, updated electrical and plumbing systems, new HVAC, refreshed common areas, and complete interior unit renovations. This revitalization ensures that every section of the property has been modernized, positioning it as the trophy asset in the Ferndale market.
The residential composition of Heritage Apartments features 12 thoughtfully designed units, including seven (7) Two-Bedroom, One-Bath units (averaging 835 square feet), which currently lease for $1,775 - $ 2,000, and five (5) One-Bedroom, One-Bath units (averaging 725 square feet) leasing for $1,600 - $1,775. Note that two garden-level units (a 1BR and 2BR) achieve rents of $$1,100 and $1,450 respectively. The property is individually metered for tenant-paid electric and gas, with the Landlord covering water expenses, and trash removal included in the property taxes. Residential access is convenient, featuring entrances on both Nine Mile Road and Troy Street, while tenants benefit from readily available, low-cost parking at the adjacent City of Ferndale parking garage for a monthly fee of $20.

Ferndale, Michigan is known as a progressive city that is popular to young adults and professionals. Many people enjoy Ferndale for it's vibrant culture and night life. The streets are often shut down with farmers markets and festivals, as the community is very tight and interactive. The block that the Heritage Apartments sit on is the most popular street in Ferndale (W 9 mile off Woodward) with many craft boutiques and restaurants. The location has a walk-score of 92 out of 100, and is also a few miles away from i-75, and hwy 696. Both of these highways are within 15 minutes to thousands of jobs, and only a 10 minute drive down to the City of Detroit. One would argue this is the best location in Ferndale due to walkability, which is very attractive to renters.
Ferndale is heavily a renters market, with over 32% of the population renting in the area within a 1 mile radius of the property. This percentage is trending with 32% renting within a 3 mile radius, and 36% renting within a 5 mile radius. Ferndale also has a very high median and average income - $76,000 and $96,000 within a mile respectively. Crime rates are extremely low in Ferndale - almost twice as less as the national average and has been trending downward over the past 15 years.