Whitmore Apartments 653-701 Whitmore Rd

Whitmore Apartments is a stately 29-unit multifamily building located just outside Downtown Detroit, boasting strong occupancy. Excellent Palmer Park location directly adjacent to the Detroit Golf Club, the city's elite country club that hosts the PGA Tour's annual Rocket Mortgage Classic. Rare opportunity to acquire a brick multifamily building in a largely single-family residential community with rent-growth potential. Surrounding area boasts a 2 -mile population of 50,000 residents, almost half of which rent as their primary form of housing. Detroit's multifamily market is rapidly expanding with a steady stream of new inventory coming to the market, followed by low vacancy and rent growth. The Detroit Multifamily Market is rapidly expanding to help accommodate the need for rental housing. About 3,700 new units were delivered over the past 12 months as developers look to capitalize on this friendly multifamily environment. The market currently boasts a vacancy rate of 7.5% and consistent long-term annual rent growth, which posted another robust growth metric of 2% this year. Do not miss the opportunity to acquire an essential stake in the Detroit Multifamily Market directly adjacent to the elite Detroit Golf Club with lease-up value-add upside.