Friedman Brokerage Company and Ten-X.com present for sale Newberry Square Apartments, a lender-owned 64-unit multifamily building located at 35240 West Michigan Avenue in Wayne, Michigan. Currently 79.69% occupied, Newberry Square Apartments is a 5-story apartment building that is a part of the Newberry Square Condominium Project. Newberry Square Apartments is unit 2 of the project and consists of floors 2 through 5, including the elevators, and is the basis of this offering. Floor 1 is known as Newberry Lofts, consists of units 3 & 4 of the project, and are owned by an entity unrelated to owner of unit 2 and are not a part of this offering. Constructed in 2001, this property is positioned in downtown Wayne adjacent to the historic State Wayne Theater along Michigan Avenue (US-12), a major east-west Wayne County thoroughfare The city of Wayne is located in southeast Michigan just 5 miles north of the Detroit Metropolitan International Airport, 18 miles southwest of the Detroit CBD, and less than 3 miles east of Interstate 275, one of the busiest freeways in Michigan. It’s location offers quick and easy access to the entire metro Detroit area with excellent linkages to education, employment, dining, entertainment, transportation and recreation. Newberry Square Apartments offers potential investors a significant value-add opportunity with in-place rents, on average, of approximately $160 below market. // INVESTMENT HIGHLIGHTS * REO 64-unit Multifamily * Newer 2001 construction * Rare value-add opportunity with In-Place rents ± $160 below current market levels * Located ± 2 miles east of Interstate 275, one of the busiest freeways in Michigan providing access to the entire metro Detroit area * Just ± 1 mile east of Ford Motor Company’s Wayne Assembly Plant * Tours by appointment only, tour dates will be posted on the Ten-X website
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Multi-Family Space
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