1241 E.

WOODWARD HEIGHTS AVE

HAZEL PARK, MI 48030
 • BRAND NEW CONSTRUCTION
18 2020/2021 • NEW FINANCING OPPORTUNITY

Units Year Built • UPCOMING NEIGHBORHOOD IN OUTSTANDING

SOUTHEAST MICHIGAN MARKET

1,312 SF $2,125 • HIGH BARRIERS TO ENTRY MARKET

• CLOSE PROXIMITY TO EMPLOYMENT,
Avg Unit Avg Rent ENTERTAINMENT, SHOPPING AND HEALTHCARE
INVESTMENT SUMMARY

Steeple Chase represents an exceptional investment

opportunity for a brand-new construction
multifamily community consisting of 8 existing
residential units (in lease-up) with the remaining
10 units (in Phase II) currently under construction,
totaling 18 units. Located in the heart of Hazel Park,
one of the area’s up-and-coming neighborhoods
of southeast Oakland County, the property is
anticipated to be completed by Spring 2022. The
newly built property resides in one of the fastest
growing submarkets in Michigan (Southeast
Oakland County), equating to a significant
opportunity for a new investor to plant their flag
in the desirable Southeast Michigan Market. The
property offers two different 2-bedroom/2-bath
contemporary floor plans with more than 1,200 SF
of living space and an attached one car garage in
each. Unit appointments include a contemporary
kitchen design with premium cabinetry and
high-end granite tops, spacious and appointed
baths, modern paint colors and luxury flooring
throughout the main living floor area. In select
units, a spiral staircase leads to the unit’s master
bedroom atop of its two-story townhome design.

Located in Southeast Michigan, Hazel Park sits

at the intersection of the tri-county area, offering
immediate access via I-75 and I-696 to Metro Detroit's
businesses, attractions, sporting events and night
life. The property is also located less than two miles
east of downtown Ferndale. Embracing the diversity
of culture and creativity, Ferndale offers an eclectic
lifestyle, nightlife, and entertainment as well as a
family friendly vibe with many neighborhood parks
and activities promoting a more active lifestyle. The
recently built Amazon Fulfilment facility to the north
of Steeple Chase is the new epicenter of employment
for this neighborhood, sitting adjacent to the
property. Hazel Park is home to more than 16,000
residents, offering its unique, small-town charm
in a lively urban setting. Friendly neighborhoods,
tree-lined streets and mom-and-pop shops make
up the fabric of this truly one-of-a-kind community.
Hazel Park is a great place to live, work and invest in,
providing Steeple Chase and its owners a solid high-
performing multifamily investment with strong
long-term cash flow prospects once stabilized.
 UNIT AMENITIES

> Townhome-Style Units with Spiral Staircase to

Second Floor Master Suite and Loft

> Beautifully Appointed with Wood-Style

Flooring, ENERGY STAR® Stainless Steel
Appliances, Granite Countertops, Modern
Cabinetry and Lighting, and Neutral Colors

> Modern Kitchen with Refrigerator, Stove,

Built-In Microwave, Dishwasher, Undermount
Sink with Gooseneck Faucet, Dining Area, and
Plenty of Cabinet and Counter Space

> Full Size Bathroom with Tub and Shower

Combo / Walk-In Shower

> High Efficiency Windows and HVAC

> Spacious Closets, High Ceilings, and Mini /

Vertical Blinds

> In-Unit Washer and Dryer

> Private Patio / Balcony and Private Entry

> Built-In, One-Car Garage with Direct Access

and Garage Door Opener

> Select Units include a Breakfast Bar

> Heating / Air Conditioning and Cable TV

Available
SITE PLAN | TWO-STORY OPTION

LIVING ROOM
11'5" X 9'8"
BEDROOM
10'9" X 14'8"

DINING AREA
11'5" X 9'5"

HALL ,
5'2" X 4'0"
4'0" x 1 5'11"
Closet

KITCHEN BATH
10'6" X 8'0" 7'6" X 12'2"

Mud Room

i
12'10" X 7'2" OPEN TO BELOW

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GARAGE
11'9" X 22'9"

� MASTER BEDROOM
11'11" X 12'7"

-
FLOOR 1
FLOOR 2

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Please check the listing detail for the square footage. All measurements
were captured via 3D laser scans, but are approximate.
 SITE PLAN | SINGLE-STORY OPTION

- - - -

3'1" X 6'11"
,I.

Closet
Kitchen Bath Bedroom
s·o 11 x 10·104 �1 11 X 10 1 10 1 4 11
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1 � 1 11
X 10 9
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HALLI
3 1 1�. X 3 1 �0 11
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- - Dining Room

◄ Bath '
201 7 11 1 11
X 13 4 - I
10 1 3 11 X 4 1 11 11
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◄
Living Room
►

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Master Bedroom - 14 1 6 11 X 11 14 11
12 1 5 11 X 11 1 7 11
(I
■◄ ►
HALL
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10 1 10 11 X 3 1 1011 ►

... . I I -
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-

FLOOR 2

GARAGE
23 1 1 11
X 11 1 10 11

FLOOR 1

Please check the listing detail for the square footage. All measurements
were captured via 3D laser scans, but are approximate. �mati.
 INCOME & EXPENSES

Monthly Annual
Units Type Unit SF Total SF Market Rent Rent/SF
Mkt Rent Mkt Rent
2 2 Bed / 2 Bath - A1 Lower 1,154 2,308 $2,000 $4,000 $48,000 $1.73
2 2 Bed / 2 Bath - B1 Lower 1,122 2,244 $2,000 $4,000 $48,000 $1.78
2 2 Bed / 2 Bath - A2 Upper 1,122 2,244 $2,200 $4,400 $52,800 $1.96
2 2 Bed / 2 Bath - B2 Upper 1,107 2,214 $2,200 $4,400 $52,800 $1.99
2 2 Bed / 2 Bath - A1 Lower 1,154 2,308 $2,000 $4,000 $48,000 $1.73
3 2 Bed / 2 Bath - B1 Lower 1,122 3,366 $2,000 $6,000 $72,000 $1.78
2 2 Bed / 2 Bath - A2 Upper 1,122 2,244 $2,200 $4,400 $52,800 $1.96
3 2 Bed / 2 Bath - B2 Upper 1,107 3,321 $2,200 $6,600 $79,200 $1.99
18 1,125 20,249 $2,100 $37,800 $453,600 $1.87

Income Berkadia ProForma (18 Units) Berkadia ProForma (Existing 8 Units)

Scheduled Market Rent $453,600 $201,600

Less: Concessions / Loss-to-Lease 4.00% ($18,144) ($8,064)
Less: Vacancy / Other Loss 5.00% ($22,680) ($10,080)
Net Rental Income $412,776 $183,456
Plus: Fee Income $0 $0
Plus: RUBS Income (Water/ Sewer/Trash) $0 $0
Plus: Other Income 1.00% $4,536 $2,016
Total Operating Income (EGI) $417,312 $185,472

Expenses Per Unit Berkadia ProForma (18 Units) Berkadia ProForma (Existing 8 Units)

Advertising & Promotion $100 $1,800 $800

Repairs & Maintenance/Turnover $800 $14,400 $6,400
Management Fee 5.00% $1,159 $20,866 $9,274
Utilities (Electric / Gas) $200 $3,600 $1,600
Utilities(Water/Sewer) $800 $14,400 $6,400
Pest Control/ Garbage $400 $7,200 $3,200
Real Estate Taxes $3,000 $54,000 $24,000
Insurance $200 $3,600 $1,600
Replacement Reserve $150 $2,700 $1,200
Total Expenses $122,566 $54,474
Per Unit: $6,809 $6,809
Per SF: $6.05 $6.05
DETROIT ZOO DOWNTOWN FERNDALE
 LOCATION | HAZEL PARK

Situated only 9.5 miles northwest of Detroit, Hazel

Park is a growing suburb celebrated for its cultural
diversity and vibrant community life. Steeple
Chase is just east of Ferndale’s neighborhoods
and less than two miles from Downtown Ferndale,
with close proximity to other downtown districts
including Royal Oak, Pleasant Ridge, and Madison
Heights, to name a few.

In addition to containing many of the area’s most

popular restaurants and shops, an effort to make
these neighborhoods more walkable, bicycle-
friendly, and filled with exciting events year-
round is making significant headway

NOTABLE DISTANCES TO MAIN ATTRACTORS:

0.6 MILES to Amazon-DDT1-Delivery Station
1-2 MILES to both I-75 and to I-696 Interchanges
1.5 MILES from Downtown Ferndale
3.6 MILES to the entrance of the Detroit Zoo
Our team is intimately familiar with Steeple Chase
and the submarket as our office is less than 15 miles
AMAZON DELIVERY STATION
away. Therefore, we can maximize proceeds for
you and your investors by successfully delivering
the strong deal story Steeple Chase boasts.
INVESTMENT ADVISORS

RICK BRACE JASON KRUG KEVIN P. DILLON

Senior Director Managing Director Senior Managing Director
248.341.3319 248.341.3344 248.341.3309
rick.brace@berkadia.com jason.krug@berkadia.com kevin.dillon@berkadia.com

COREY KRUG RICK L. VIDRIO CHARLEY HENNEGHAN

Director Managing Director Director
248.341.3338 248.341.3325 248.341.3303
corey.krug@berkadia.com rick.vidrio@berkadia.com charley.henneghan@berkadia.com

MORTGAGE BANKING
LUKE SAFRANEK ALEX BONDA
Director Senior Real Estate Analyst
248.208.3466 248.208.0533
Luke.Safranek@berkadia.com alex.bonda@berkadia.com

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Southfield, MI 48034 properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.  
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