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17400 Fort St. Riverview, MI 48193
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QUICK STATS
4.82 ACRES
Site Size / Acreage
3
Stories
2
Buildings
1964
Built
129
UNITS
[CEROS OBJECT]
Located near the banks of the Detroit River, Huntington House apartments offer a quiet and safe neighborhood to call home. The 129-unit, two-story apartment community offers beautiful views of the plush, landscaped courtyards in each of the 13 buildings situated on 4.82 acres. Built in 1964 with recently renovated units, the spacious floor plans offer studio, one-, two-, and three-bedroom units ranging from 650 - 1,250 square feet. While recently upgraded units are available, essential unit amenities throughout the apartment community include private entrances, an eat-in kitchen, vinyl flooring, walk-in closets, a linen closet, window coverings, and picture windows with courtyard views. Community amenities include a laundry facility, two community swimming pools, BBQ and picnic areas, walking paths, and additional storage.
Approximately 15 miles southwest of Detroit, Riverview offers beautiful scenic riverfront views throughout the city while residents remain within close proximity to the big city amenities of Downtown Detroit, with convenient access to major thoroughfares including I-75 and I-94.
Property Description
[CEROS OBJECT]
Opportunity Highlights
Exceptionally High Barriers to Entry
Outstanding Market Metrics
Exceptional Upside Potential
Prime Location
[CEROS OBJECT]
• Air Conditioning
• Private Entrance
• Fully Equipped Kitchen
• Stainless Steel Appliances*
• Granite Countertops*
• Ceiling Fans
• Radiant Baseboard Heat
• Wood-Style Flooring
• Laundry Facility
• Swimming Pool
• BBQ and Picnic Area
• Additional Storage
*in select units
AMENITIES
Property amenities
LOCATION
GALLERY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Rick Brace
Senior Director
248.341.3319
rick.brace@berkadia.com
260 E. Brown Street, Ste 150
Birmingham, MI 48009
Phone: 248.646.7701
Berkadia.com
Mike MCclafferty
Associate Director
215.328.1298
mike.mcclafferty@berkadia.com
Corey Krug
Senior Director
248.341.3338
corey.krug@berkadia.com
Investment Sales
CONTACT Info
Detroit Office
Kevin Dillon
Senior Managing Director
248.341.3309
kevin.dillon@berkadia.com
Charley Henneghan
Director
248.341.3303
charley.henneghan@berkadia.com
Jason Krug
Senior Managing Director
248.341.3344
jason.krug@berkadia.com
Mortgage Bankers
Aaron Moll
Senior Director
248.208.0529
aaron.moll@berkadia.com
Luke Safranek
Senior Director
248.208.3466
luke.safranek@berkadia.com
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Location
Property Description
Amenities
DOC CENTER
Terms of Use
Privacy
Contact
Gallery
Kevin Larimer
Senior Managing Director
248.341.3305
kevin.larimer@berkadia.com
300 spaces
Total Parking
Located in a Mature market with a well-established employment base and limited to No-New Supply
Currently only 94 Units either Under Construction or Lease Up within 10 miles and in CoStar’s “Wayne County/Other”
No-New multifamily projects planned within 10 miles of location – 0 units
Highly limited land available for multifamily development, and the prohibitive cost of construction will obstruct any new development
Outstanding Market Metrics
The numbers tell the story:
Strong Rental Market: Effective rental growth over 3.3% Y-o-Y and average submarket occupancy is just below 96.2% with little to no new supply scheduled. (Per Pyxis the Riverview/South Wayne County Submarket known as CoStar’s “Wayne County/Other” has an overall 96.2% Occupancy rate.)
The three-year CAGR average of 9.4% Rent Growth (at $1.25 PSF) has outpaced the Market Average of 7.7%
Median Household Income of $74,484 has grown 3.4% over the past 3 years with the Median Housing value at $201,787. The current Gross Rent Wallet Share is only 26%
Exceptional Upside Potential
Only 33 of 129 Units have been renovated with an average premium of $125-$135 monthly over their comparable Classic unit’s Market Rent
A current Average Post-Renovated Market Rent of $1,131.
Huntington House is poised for increased revenue thorough a continuation of the current Value-Add Program.
Prime Location
The city of Riverview is located in the growing “Downriver” community of southern Wayne County
The Property is strategically located off well-traveled Fort Street (Route 85) just east of Interstate I-75
Huntington House is only two miles from Detroit’s riverfront, 11 miles to Detroit Metro Airport, and 14 miles to downtown Detroit
Fortune 500 within a 15-mile drive includes Ford Motor Company, General Motors, Masco Corp, Visteon Corp., DTE Energy, Ally Financial, and United States Gypsum Co. to name a few
Additionally, the property is exceptionally well located within close proximity to many major employment, entertainment, and shopping hubs
4.82 acres
Site Size / Acreage:
3
Stories
