Plymouth Heritage is situated in a tremendous upscale residential community, just one mile from downtown Plymouth. The property has been professionally managed and extremely well maintained yet significant upside is available through strategic property and unit interior improvements. Plymouth Heritage is positioned in an outstanding location with excellent market metrics, submarket occupancy is 97% occupied with 3% - 4% annual rent growth. Plymouth Heritage is poised for a Value-Add program due to the current below market rents, and the ability to add value through strategic common area and interior unit renovations. These unique features will allow a new owner to take full advantage of the opportunity to increase the revenue through rental rate premiums.
Plymouth Heritage is a 172-unit apartment complex in Plymouth, Michigan. The property was originally constructed in 1968 and features pitched roofs, a wooden frame, and a brick exterior. Unit mix is made up of 116 one-bedroom units, ranging in size from 650 to 750 square feet, and 56 two-bedroom units, each measuring 850 square feet. Average unit size for the property is 748 square feet. The outside of the property boasts professionally manicured landscaping.
Encompassing 673 square miles in southeastern Michigan, Wayne County is the most populated county among the six counties of the Detroit-Warren-Dearborn, MI Metropolitan Statistical Area (MSA). The area is one of the premier automotive manufacturing and foreign trade markets in the world, exporting over $30 billion annually in transportation equipment alone.
Wayne County’s suburbs, including Dearborn, Livonia, Westland, Canton, and Plymouth, play an integral role in the county economy, serving as the home of many automotive assembly and parts manufacturing plants, health care facilities, and some of the top universities in the Midwest. Area suburbs provide residents with an outstanding quality of life, and easy access to world-class entertainment in both thriving downtown and local environments.
Cognizant of the area’s qualities and signiﬁcance to the U.S. economy, investors, entrepreneurs, and local companies have pumped over $12 billion into Wayne County businesses and property during the last decade.
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