1030 Te Ann Ct - Apartments FOR SALE


Lake Odessa, MI 48849
$1,325,000 USD
847-533-0613
1030 Te Ann Ct, Lake Odessa, MI for Sale
$1,325,000 USD
Apartments - FOR SALE
1/14
null | 7.63% Cap Rate

1030 Te Ann Ct
Lake Odessa, MI 48849


HIGHLIGHTS

  • Attractive Unit Mix — Eight One-Bedroom and 10 Two-Bedroom Units Across Nine Well-Maintained Duplexes
  • Stable Demand Drivers — Functional Unit Mix and Affordability Support Consistent Tenant Demand in Lake Odessa
  • Accessible Location — Positioned Between Grand Rapids and Lansing with Access to Jobs, Retail, and Recreation

OVERVIEW

Marcus & Millichap is pleased to present Te Ann Apartments, an 18-unit multifamily community located at 1030 Te Ann Court in Lake Odessa, Michigan, within Ionia County. Built in 1959, the property consists of nine duplex-style buildings situated on approximately 2.90 acres and offers a balanced unit mix of eight one-bedroom / one-bathroom units and 10 two-bedroom / one-bathroom units. The low-density layout, off-street parking, private residential setting, and tenant-paid gas and electric distinguish Te Ann from more conventional garden-style multifamily communities. Te Ann features functional floor plans and a neighborhood-oriented setting with convenient access to local retail, daily necessities, schools, parks, and outdoor recreation. Jordan Lake and Lakewood Elementary School are located nearby, while the property’s duplex configuration provides residents with a more residential living experience than typically found in larger apartment complexes. These characteristics support broad tenant appeal and help position the property for consistent long-term demand. Lake Odessa is strategically positioned between Grand Rapids and Lansing, providing residents with access to two of Michigan’s largest employment centers while maintaining the affordability and quality of life associated with a smaller community. Ionia County is supported by a diversified employment base spanning automotive manufacturing, food production, healthcare, financial services, and public-sector employment, with major employers including Ventra Ionia Main, Mercantile Bank of Michigan, the Michigan Department of Corrections, Cargill Kitchen Solutions, UM Health-Sparrow Ionia, and THK Rhythm. Te Ann Apartments presents investors with the opportunity to acquire a well-located, income-producing asset in a stable West Michigan community supported by regional accessibility and a broad local employment base.

FOR SALE DETAILS

PRICE

$1,325,000 USD

PRICE/SF

$120 USD /SF

# OF UNITS

18

PRICE/UNIT

$73,611

CAP RATE

7.63%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Te Ann Apartments

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1959

PARKING SPACES

-

LAND DETAILS

LAND ACRES

2.9 AC

LAND SF

126,324 SF

ZONING

-

APN/PARCEL ID

101-050-000-120-00

ASK ABOUT THIS PROPERTY

Yianni MouflouzelisMarcus & MillichapMore Info
847-533-0613

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Yianni MouflouzelisMarcus & MillichapMore Info
847-533-0613

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.