Prepared by:Jan Dijkers, Vice President of Market DevelopmentBerkshire Hathaway HomeServices | The Loft Warehouse3434 Russell St., Suite 101, Detroit, MI 48207

Office: 313-658-6400Cell: 313-319-1370Web Site: www.theloftwarehouse.comEmail: jan@theloftwarehouse.com

Date: Spring 2020

Warren Ave and Rosa Parks BlvdDetroit, MI 48208

The Woodbridge Corner

photo courtesy of Stylish Detroit

Development Offering

West of Wayne State University and adjacent to Midtown, Historic Woodbridge is known for proximity to all of Detroit’s amenities, beautiful architecture, and tree-lined streets. Woodbridge has one of the most sought-after, robust housing sub-markets in the city of Detroit. There is a lack of inventory and high demand for housing in this small neighborhood.

● Six existing parcels on the corner of West Warren Ave and Rosa Parks Blvd.

● 18,745 square feet or .43 acres● 174 feet of corner frontage● Asking price $499,000● Zoning = inquire to broker - city will support medium-density

residential zoning● Neighborhood Enterprise Zone (NEZ) district approved

What is NEZ? The Neighborhood Enterprise Zone is a tax abatement for the retail end-buyer, significantly reducing tax bills for new construction properties. It is a tool the developer can use to make a condominium purchase more attractive. The application for an NEZ district takes many months, possibly years, and several thousand dollars. A purchaser of this land development opportunity has the advantage of an existing NEZ district in place.

Neighborhood Information

The Woodbridge neighborhood is an historic district made of mostly single- and two-family homes, and some small apartment and condominium buildings. Most of the structures were built between the late 1800s and the early 1900s.Woodbridge property values have gone up considerably since the economic recession, leading the real estate values for comparable properties throughout the City of Detroit.Woodbridge has a strong neighborhood community, which is organized as the Woodbridge Citizens Council, and the Woodbridge Neighborhood Development Corp.

Woodbridge has had its zoning updated in the last decade to accommodate the desire for the opening of new businesses. The past year has seen an influx of businesses, growth not seen in many decades.

● The Woodbridge Pub, a bar and restaurant (recently under new ownership)

● Pie Sci, a pizza shop● Amageddon Beachparty, an art gallery● Bash, a Japanese izakaya-style pub● Bikes and Coffee, coffee and bike repair

shop● Lucki’s Cheesecake ● The Lexington, a neighborhood bar

(opens 2020)

Woodbridge Market Desirability

Through our proprietary statistical market modeling we have determined that a project in this neighborhood, with mid-level finishes and amenities (at a desirability between 50 and 60%), would fall into a price point of $299 to $343 per SF.

Market Data

A study of price per square foot of Detroit condominiums over time, shows Woodbridge outperforming the city average.

Based on ten years of condominium sales data from the Realcomp II MLS system

BHHS | The Loft Warehouse

About the BrokerBerkshire Hathaway HomeServices | The Loft Warehouse has sold more condominiums in downtown Detroit than any other real estate brokerage. We specialize in providing support for residential developers through our predictive model analysis, a proprietary system to determine the best price per square foot to market a property, based on location, amenities and interior finishes. Through a series of data analysis tools, including the predictive model analysis, optimal unit size and mix, price optimization and buyer budget, we can provide a project feasibility study, prior to project inception.

Developer Support ServicesBHHS | TLW becomes your services partner in your residential development. Besides world class marketing, our brokerage can help you navigate financing, condo documents, HOA budgets and management, architecture and design, all geared to make your project successful.

Parcel Schedule

1777 West Warren Ave tax ID 08001370 33 x 168 - 5551 SF1783 West Warren Ave tax ID 08001371 33 x 168 - 5559 SF1789 West Warren Ave tax ID 080013724 30 x 119 - 3499 SF4902 Rosa Parks Blvd tax ID 08007566 21 x 29 - 602 SF4906 Rosa Parks Blvd tax ID 0800756770 29 x 30 - 871 SF4842 Rosa Parks Blvd tax ID 08007565.001 28 x 97 - 2663 SF