345 Marshall St Ferndale, MI 48220

Property Details for 345 Marshall St

Year built

2024

Property size

3,850 SF

Property type

Commercial real estate

APN

24-25-34-180-006

Description

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.