Greater Development, LLC is pleased to present this mixed use re-development property in the heart of Brush Park, Detroit, Michigan. The property consists of 72 apartment units and approximately 4,500 square feet of retail space. The apartments are 63% vacant and the retail space is 100% vacant. The property is lined up for re-development, as it is located in an opportunity zone , as well as a neighborhood enterprise zone. Walkable (within 1 and 3 blocks) to all three sports stadiums, as well as adjacent to the newest and wealthiest community in the city (City Modern), this is one of the most well positioned re-development assets in the City of Detroit.
The Opportunity - John R Building (56 Units)
33 of the 56 apartment units are vacant - with all current tenants on a month to month basis. These are two different buildings that are attached to each other - but can be accessed together through the basement. The John R building (tall one, 8 stories) has 56 apartment units. Of the 56 apartment units there are 6 two bedroom one bath units, and 48 one bedroom one bath units. There was recently a fire on the top floor - which combined a unit in the corner, which has turned two of the one bedrooms into a master suite (counted as 2 one bedrooms above). There is an elevator in the John R Building as well as a leasing office, which is being used in one of the units.
The Opportunity - John R Building (retail space)
There is approximately 4,500 square feet of bi-level retail space located on John R. The corner of John R and Adelaide (where the building is situated) runs directly to all three Detroit Sports teams. Comerica Park and Ford field are three blocks south, and Little Caesars arena is one block to the west. The space has three separate entrances, so there is the ability to split up the retail into three units. The space is bi level with +-20 foot ceilings, giving it a loft-life feeling. There are endless opportunities with this space. Average rent comparables range between $25 to $35 per square foot, triple net lease.
The Opportunity - Adelaide Building (16 units)
12 of the 16 units in Adelaide are vacant, with all of the tenants on a month to month basis. Of the 16 units, four of them are 2 bedroom one bath, and the other twelve are 1 bedroom one bath. The property is three floors high - five units on each floor, and one in the garden level. There is no elevator, but a staircase that accesses each floor, with the entrance off of Adelaide Street. The units are large apartment homes, with sweeping views of City Modern, The Detroit skyline, and all of the stadiums.
Re-Development Strategy
Both of the buildings are on separate boiler systems - with no forced air to the apartment units. The retail space has its owned HVAC, with forced air. The majority of the units, and the building need major rehab. Already in a neighborhood enterprise zone (tax abatement) along with an opportunity zone, this property has the ability for massive property and income tax abatements. Not only will these abatements help pencil rehab costs, but Brush Park has some of the highest rental rates and sale prices in the City, making it the most sought out location in Detroit. Paired with being walking distance to all of Detroits major stadiums, this property is going to get major rent premiums with grade A tenants.
Brush Park
Brush Park is what connects CBD Detroit to Midtown. People who live here are walking distance to all of the necessities that they need. There is some of the best food, sports and entertainment, shops and parks that the City has to offer, all within a few blocks of the property. This walkers paradise is steps away from all major Detroit sporting teams and events (Comerica Park, Ford Field, Little Ceasars Arena, Fox Theatre). For people looking to live in Detroit without a car, the QLINE is a block away, making the entire city accessible steps away from the property.
City Modern
The property sits adjacent to the new development, City Modern. City Modern has been in motion for the past 5 years - with hundreds of residents living in the community now. The development consists of for sale townhomes, carriage homes, single family homes, condos, and for rent apartments. City Modern is the premier community to live in which is shown through their high sales price per square foot, rental prices, along with fast absorption.
Not everyone can afford to live in City Modern Brush Park. This property that is being offered, is one of the only class B assets in this A+ location. Once rehabilitated, these units and retail space will have a huge demand for rent as the rents will and should be set slightly under what the new construction product in the area is renting for.
