409 on Nine
409 on Nine is a 127-Unit new construction multi-family property built in 2020 located in the dynamic Detroit suburb of Ferndale.
Ferndale is adjacent to Detroit and serves as a quasi-neighborhood to the city catering to young people with a combination of indie shops and a diverse bar and restaurant scene. Just 20 minutes to downtown Detroit, Ferndale has transformed from a relatively blue collar community to one of the centers of entertainment and housing in the suburbs. In the 1990’s the city started to attract a large LGBT community that has been a major catalyst in creating the diverse youthful scene found today. Along with neighboring Royal Oak, Ferndale attracts a population looking for urban walkability in a highly livable community. The shops and restaurants that line 9 Mile attract visitors from across Metro Detroit but also a huge number of Ferndale residents on foot, only furthered by the new PATIO zone downtown allowing patrons to walk around with their beverage of choice.
The property features a mix of Studio, One & Two Bedroom units with two small retail spaces. Currently 98% occupied and seeing significant rent increases with current rent levels up 20% below competing properties in Ferndale and Royal Oak. 409 on Nine is available with an existing HUD loan at 3.99% or free and clear.
Detroit is the most-populous city in the state of Michigan and the largest city on the United States-Canada border. The metropolitan area is home to more than four million residents, making it the second largest MSA in the Midwest after the Chicago metropolitan area. Along with a rich history in music, art, and architecture, the city also has a proud history in the automotive industry, and is the home of the “Big Three” auto manufacturers, General Motors, Ford, and Chrysler. Along with being the second largest MSA in the Midwest, Detroit also has the second busiest international crossing on the continent with its neighboring Canadian city, Windsor.
The slow-moving economic recovery of the Detroit region started to build considerable momentum prior to the Covid-19 pandemic, and a continuation of this recovery is anticipated following the pandemic. Over the short-term, Ford Motor Company has expanded its Dearborn campus and its Innovation Campus which will create thousands of readily-available jobs, and Chrysler is creating 6,300 new jobs at its Warren Truck Assembly Plant and its Detroit Mack Facility. Along with the addition of these jobs, apartment demand across the metro is expected to remain steady as the region held a 95% occupancy rate over the past year, despite the impact of the pandemic.