27700 Stephenson Hwy
Madison Heights, MI 48071
128
Units
1969
Built
Property Description
Stephenson House Apartments, located in the desirable Madison Heights neighborhood, presents a promising investment opportunity. This community offers a mix of luxury renovated and classic apartments, appealing to a broad tenant base.
Each unit is equipped with a fully equipped kitchen, hardwood or laminate flooring, large closets, and plush carpeting. Select apartments feature dishwashers and extra storage, with air conditioning providing added comfort.
The property boasts a range of attractive amenities, including a resort-style pool with a sundeck, on-site laundry facilities, and ample parking. The pet-friendly community is supported by a dedicated on-site management and maintenance team, ensuring high tenant satisfaction and retention.
Strategically located minutes from I-75 and I-696, Stephenson House offers easy access to downtown Royal Oak and Ferndale, enhancing its appeal to prospective renters seeking convenience and connectivity.
INVESTMENT HIGHLIGHTS
Outstanding Economic Conditions
- $76K MHHI within Three-Mile Radius Projected to Reach $88.2K by 2030
- MHHI Growth is 14.7%
- 73% of Workers are in White-Collar Positions
High Quality Asset
- 128 Apartments in One- and Two-Bedroom Units
- 84 One-Bedroom and 43 Two-Bedroom Apartments
- Long-Term Professional Management
- Excellent Construction Qualities
Exceptional Value-Add Improvements
- 21 Fully Renovated (3 with Washer/Dryer) & 28 Partially Renovated Units
- Rent Premiums Average $284/month Depending on Scope
- Full Renovations with W/D Yield Highest Returns
- Average Total Renovation Cost is $14.6K with up to 40% RO
Excellent Market Metrics
- 97.2% Average Occupancy in 2Q25
- 9.1% Rental Rate Increases 2Q25 YOY in Royal Oak and Oak Park Submarket
- 175 Net Move-Ins Thru 2Q25
- Only 101 New Units Came Online in 2024
Premier Location
- Limited New Supply Planned or Under Construction
- Optimal Accessibility to Oakland County and Metro Detroit Employment Hubs
- Ideally Situated within 20 Minutes to Downtown Detroit, Metro Airport, all Major Sports Venues and Retail Malls and Districts
- Adjacent to Edison Park, KEYS Grace Academy, minutes from Detroit Zoo and Downtown Royal Oak
Property Description
- Property Name:
- Address:
- Units
- Built:
- Buildings:
- Stories:
- Site Size / Acreage:
- Density:
- SF:
- Average SF:
- Total Parking:
Amenities
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Air Conditioning
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Fully Equipped Kitchen
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Dishwasher*
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Stainless Steel Appliances*
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Hardwood / Laminate Flooring
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Extra Storage
- Large Closets
- Resort-Style Swimming Pool withSundeck
- Laundry Facilities
- On-Site Parking
*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]
27700 Stephenson Hwy
Madison Heights, MI 48071
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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