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Ferndale Gateway Flats 345 W Marshall St

4 Unit Apartment Building For Sale 6.39% Cap Rate Ferndale, MI 48220

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Investment Highlights

Completed in June 2024, this property provides an opportunity for long-term cash flow with low capital expenditures expected to be required.
Located just 1/2 mile from downtown Ferndale

With an occupancy rate of approximately 95%, Ferndale’s rental market benefits from its proximity to affluent suburbs such as Royal Oak and Birmingham
15 minutes drive from - LCA, Detroit Mercy and Downtown Birmingham

Executive Summary

This newly constructed 4-unit building, completed in June of 2024 is located just 1/2 mile from downtown Ferndale. Each 2-bedroom, 2-bathroom unit features luxury finishes, in-unit laundry and is independently metered for electric and gas with a dedicated basement storage unit. Average in-place rent is $2,196/ unit / month.

Property Facts

Sale Type	Investment	Building Size	3,850 SF
Cap Rate	6.39%	No. Stories	2
No. Units	4	Year Built	2024
Property Type	Multifamily	Parking Ratio	1.3/1,000 SF
Property Subtype	Apartment	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Lot Size	0.14 AC

Sale Type	Investment
Cap Rate	6.39%
No. Units	4
Property Type	Multifamily
Property Subtype	Apartment
Lot Size	0.14 AC
Building Size	3,850 SF
No. Stories	2
Year Built	2024
Parking Ratio	1.3/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.

Site Amenities

Laundry Facilities

Unit Mix Information

Description	No. Units	Avg. Rent/Mo	SF
2+2	4	$2,129	900 - 1,025

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Walk Score ®

Very Walkable (76)

What is a Walk Score®, Transit Score® & Bike Score®?

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Transit Score® measures access to public transit.

Bike Score® measures bikeability of a location.

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, Transit Score® & Bike Score?

Walk Score® measures the walkability

of any address. Transit Score®

measures access to public transit. Bike Score®

measures bikeability of a location.®

Learn How It Works Detailed Scores

zoning

Zoning Code	RS (Residential)
RS (Residential)

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Listing ID: 33058143
Date on Market: 9/4/2024
Last Updated:
Address: 345 W Marshall St, Ferndale, MI 48220

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345 W Marshall St, Ferndale, MI for sale Primary Photo- Image 1 of 13 — Aerial 2

345 W Marshall St, Ferndale, MI for sale Building Photo- Image 2 of 13 — Aerial 1

345 W Marshall St, Ferndale, MI for sale Building Photo- Image 3 of 13 — IMG_7981

345 W Marshall St, Ferndale, MI for sale Building Photo- Image 4 of 13 — Cover photo

345 W Marshall St, Ferndale, MI for sale Building Photo- Image 5 of 13 — East Side

345 W Marshall St, Ferndale, MI for sale Building Photo- Image 6 of 13 — Living Room Main Floor-reszie

345 W Marshall St, Ferndale, MI for sale Building Photo- Image 7 of 13 — bathroom

345 W Marshall St, Ferndale, MI for sale Building Photo- Image 8 of 13 — Laundry-rezied

345 W Marshall St, Ferndale, MI for sale Building Photo- Image 9 of 13 — IMG_7986

345 W Marshall St, Ferndale, MI for sale Building Photo- Image 10 of 13 — IMG_7985

345 W Marshall St, Ferndale, MI for sale Building Photo- Image 12 of 13 — Boundary Aerial

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