20800 Wyoming St
Ferndale, MI 48220
Ferndale Park Co Op · Multifamily Property For Sale · 200 Units

Royal Oak Towers is situated on the west side of Wyoming Avenue, just north of Eight Mile Road in Ferndale. This tower style community was built in 1976 and has received numerous updates in recent years. The property offers a diversified and extremely competitive unit mix comprised of 190 one-bedroom units with approximately 482 ft2 of living space and 10 two-bedroom units with approximately 651 ft2 of living space. The unit’s themselves are in excellent condition with as needed repairs and updates happening frequently. Royal Oak Towers is currently part of the Michigan State Housing and Development Authority’s Low Income Housing Tax Program (“LIHTC”) and is governed under Section 42 of the Code. As a result of this association, the property receives reduced property tax exposure; however, 100% of the units must be rented to families who’s income does not exceed 60% of the area median gross income. Current income limits for Oakland County at the 60% threshold are $32,760 for one person and $37,440 for two persons (link to MSHDA Income Limits). This agreement was established in November of 2003 and there are approximately 14 years remaining on the extended use period. With the property now in the extended use period a new owner could remove it from the program thereby lifting the income restrictions.