Tours are available by appointment only on Wednesday, June 10th. Please contact Rich Deptula at richard.deptula@freg.com or (248) 848-4938 to schedule. Please do not arrive unannounced or disturb tenants.
Investment Highlights
- Scaled Detroit Portfolio: Ten-property multifamily portfolio strategically clustered along Covington Drive, Merton Road, and Whitmore Road in Detroit, offering operational efficiencies through proximity and the ability to manage as a single investment
- Value-Add Opportunity: Mix of stabilized and lightly improved assets with the potential to increase rents through interior upgrades, improved management, and continued neighborhood reinvestment in the Highland Park/greater Detroit submarket
- Strong Rental Demand: Located along the dense Highland Park enclave surrounded by Detroit, benefiting from consistent workforce-housing demand and limited new supply at comparable price points
- Diversified Unit Mix & Income Streams: Multiple buildings provide a diversified tenant base and distributed income across several addresses, reducing single-asset vacancy risk while allowing for phased capital improvements
- NEZ (Neighborhood Enterprise Zone): A portion of the property is located within a Neighborhood Enterprise Zone (NEZ), providing significant property tax abatements that reduce operating expenses and enhance overall investment returns for ownership and prospective tenants
- Accessible Metro Detroit Location: Convenient access to Woodward Avenue, I-75, and major employment corridors in Detroit and Oakland County supports tenant retention and long-term rental viability
Offering Summary
RealINSIGHT Marketplace, in partnership with
Friedman Real Estate, is pleased to present Palmer Park Estates, a 10-property, 9-building, 269-unit Class C garden-style multifamily portfolio located approximately 8 miles northwest of Downtown Detroit, Michigan. The portfolio spans nine residential buildings and two surface parking lots across Covington Drive, Merton Road, and Whitmore Road — a tightly clustered footprint that enables consolidated management under a single ownership structure. The buildings were constructed between 1924 and 1953 and are comprised predominantly of one-bedroom and two-bedroom units with brick construction and central boiler HVAC systems. As of April 2026, the portfolio carries an average occupancy of approximately 24.9%, with 731 Covington Drive as the standout stabilized asset at 88% occupied. The remaining properties present a significant value-add opportunity through unit rehabilitation, improved management, and lease-up. A portion of the portfolio lies within a Neighborhood Enterprise Zone (NEZ), providing property tax abatements that reduce operating expenses and improve feasibility during stabilization.
Location Information
Palmer Park Estates sits along Covington Drive, Merton Road, and Whitmore Road in Detroit's Palmer Park neighborhood, directly adjacent to the 296-acre Palmer Park green space. The portfolio is within 1 mile of Woodward Avenue and less than 2 miles from Highland Park. Henry Ford Health System, DMC Sinai-Grace Hospital, and Lawrence Technological University are all within a 3-mile radius.
Location Stats
Detroit metro area population: 4.3M+
Distance to Downtown Detroit: ~8 mi
Avg. household income within 3 miles: $64,252
*Sale is Subject To Lender Approval
