Cheri Mascitelli - Commercial Real Estate Showcase

Cheri Mascitelli Property Listings
Agent
Ten-X, LLC
1 Mauchly
Irvine, CA 92618-2305
(305) 537-9318
(949) 457-3194


DetailMap
2324 Lapeer Road - Oak Creek

Flint, MI 48503-4262 - Central Flint MF Submarket


Property Type:Multi-Family Number of Units:177 Status:Existing Year Built:1969
Stories:3 Building Size:137,028 SF Land Area:6.57 AC (286,189 SF)
For Sale Price:For Sale Price/Unit:- Cap Rate:- GRM:-

Parking:2.31 Parking Spaces / 1,000 SF


LIHTC

Arbor Village is located in the city of Flint within Genesee County, Michigan. Flint has been a major manufacturing and business center in Mid-Michigan for more than a century. The apartment community is situated on the southeast side of town just south of I-69 and west of Dort Highway (M-54). This provides residents with easy access to the greater Flint metropolitan region for employment, shopping and entertainment.

Flint is the fourth-largest metropolitan region in Michigan and has diversified its economy beyond manufacturing to include education and healthcare. Flint is home to the University of Michigan-Flint, Mott Community College, Kettering University, Baker College and Davenport University enrolling a combined 26,000 students in the area. Additionally, GM has invested approximately $1 Billion in facility upgrades during the last several years.

Arbor Village is well situated to take advantage of its convenient location, neighborhood feel and proximity to area amenities for its residents.

Location: Convenient location providing quick access to I-69 and Dort Highway. Minutes from downtown Flint, educational and shopping opportunities.

Updated Facades: Community-wide facade overhaul in 2000 improves curb appeal and attractiveness for present and future residents. Updates include new windows, doorwalls, balconies, entrance doors, siding and landscaping.

PILOT Program Participant: The property is exempt from all property taxes and instead a payment in lieu of taxes has been established.

New Financing Opportunity

Sale Notes:
Starting bid $350k.

Property tours are available by appointment ONLY. Please contact Cary Belovicz to schedule at cary@commercialpa.com, 248-394-0000 ext. 252. Investment Highlights: 177-Unit apartment community with value-add potential 41% occupied with monthly rents averaging $450 Value-Add opportunity through continued renovation and future increases of rents at market rates Recent renovation of 70 units with over $250,000 in CapEx and other repairs Amenities include community laundry facilities, large park-like courtyards and playground Investment Overview: Oak Creek Apartments (the "Property") is a 177 unit garden-style apartment community located at 2324 Lapeer Road in Flint, MI. Constructed in 1969 and renovated in 2015, the Property consists of 16, three-story, walk-up buildings situated on 6.57 acres. The Property has 177 units and the mix includes 2, 1BD/1BA; 155, 2BD/1BA; and 17, 3BD/1BA units with three vacant units listed without the number of bedrooms. As of the rent roll dated 1/31/2017, the Property was 41.81% occupied and presents a value-add opportunity through continued renovation and market lease up of the vacant units.

Commercial Property Advisors
Cary S Belovicz
(248) 394-0000 x252

  
Ten-X, LLC
Cheri Mascitelli
(305) 537-9318

Ten-X Commercial
(800) 793-6107




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