238 Yorkshire Blvd
Dearborn Heights, MI 48127
224
Units
1964
Built
Investment Highlights
1
Strong Rent Metrics
Current average effective rent is $1,183 / unit ($1.60/SF)
Classic units are well below the area market rents
Classic units are well below the area market rents
2
High Upside with Operations & Value-Add Program
Ability to renovate just over 51% of the property to achieve an on average $202 reno premium with roughly a 22.08% ROI
Strategic focus on 2 bedroom classic unit floorplans are 82% occupied - renovated floorplans are 90% occupied
3
High Absorption & Rent Growth
Submarket posts positive net absorption (28 units in the past 12 months)
32% effective rent growth at Cherry Hill Village over five years
32% effective rent growth at Cherry Hill Village over five years
4
Limited New Supply Pressure
No new apartment deliveries within a five-mile radius
Supports continued demand for existing stabilized assets
5
Demographic & Economic Drivers
Median household income in 1-mile radius is $59,914
Neighborhood features strong population density (17,077 residents/sq mi) and proximity to major Detroit employment centers
Area supports stable tenant demand and demand resilience
Property Overview
- Address:
- Units
- Built:
- Buildings:
- Stories:
- Site Size / Acreage:
- Density:
- SF:
- Average SF:
- Total Parking
Amenities
- Stainless Steel Appliances*
- Light Cherry or White Cabinets*
- Oak or Painted Oak Cabinets*
- Fully Equipped Kitchen
- Hardwood Flooring
- Swimming Pool
- Fitness Center
- Clubhouse
- Laundry Facilities
- Picnic Area
In Select Units*
Location
PHOTO GALLERY
Office & Contact Info
Detroit Office
260 East Brown Street, STE 150
Birmingham, MI 48009
Phone: 248.646.7701
Berkadia.com
Investment Sales
Kevin P. Dillon
Senior Managing Director
248.341.3309
[email protected]
Jason Krug
Senior Managing Director
248.341.3344
[email protected]
Corey Krug
Senior Director
248.341.3338
[email protected]
Rick Brace
Senior Director
248.341.3319
[email protected]
Conor David
Director
614.796.0222
[email protected]
EJ Wujek
Associate Director
248.341.3316
[email protected]
Mortgage Banking
Peter Benedetto
Senior Managing Director
248.208.3462
[email protected]
Jillian Maki
Director
248.208.3465
[email protected]
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 company business in Nevada.
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